Plan unveiled to boost growth and unlock city’s economic potential

A 10-year plan to drive economic growth and improve the lives of people living, working and doing business in Sheffield, is to be put forward this month.

The plan, which will be presented to a Sheffield City Council Strategy and Resources Committee on 11 December, sets out ambitions to make the most of the city’s economic strengths in order to deliver long-term growth for the city.

It outlines a future vision for the city and a blueprint for the city’s economic success and investment and partnering opportunities.

Councillor Tom Hunt, chair of the Strategy and Resources Committee and leader of Sheffield City Council, said:

“Strong and sustained economic growth is so important for Sheffield’s future. This is key for us to secure higher living standards and better opportunities for the people of Sheffield.

“Our Growth Plan will put our city and the people of Sheffield centre stage, showcasing Sheffield nationally and globally as a city with a clear and ambitious vision for our future. 

“We need economic growth to improve the lives of everyone living, working and doing business in Sheffield.

“We want to increase living standards over the long term for all and reduce inequality. Our Growth Plan will help us to achieve that.”

The report adds that the city has the potential to play a greater and growing role in the national economy.

It says there is capacity to deliver up to 36,000 new homes by 2039, creating an environment for people, business and ideas to flourish.

The report has identified the potential for more businesses in Sheffield and the possibility to contribute £2.2bn a year more to the UK economy.

This would mean more innovation and more opportunity for the people of Sheffield and South Yorkshire as a region.

Reducing economic inequalities across the city is also highlighted in the report. To do this, better housing with more choice of homes in local areas that offer more prospects for residents, will be a focus.

The report states it is vital to give people access to better, greener and more efficient transport systems so everyone has the ability to travel and take up opportunities on offer.

Included in the report are four missions:

1) Creating a “global, green and growing” economy that focuses on generating more and better jobs for residents.

2) Ensuring all of Sheffield’s neighbourhoods offer a good choice of homes and the opportunity for people to play an active role in the economy.

3) Growing the city’s international reputation, and attracting more visitors by celebrating the cultural and creative sector.

4) Having a connected, reliable and low carbon transport network.

An “Invest in Growth – Compact 2035” group, comprising decision-making representatives from local, regional and national government, business leaders, educational institutions, and community organisations, will be formed to oversee the plan and ensure it is successfully implemented by 2035.