Focus On: Economy
This theme page brings together in one easy to access and navigable place, the data, information, key indicators, and intelligence produced about Lincolnshire’s economy, how it is performing, the businesses that operate within it and the people that work in it.
In light of the credit crunch, ensuing recession, and subsequent economic downturn and protracted uncertainty, the poor performance of national and global economies has become headline news after years of growth and prosperity.
With the shift towards localism under the coalition government, there is an increasing need for local service providers to make a difference despite some of the global drivers of local economic change. To do this, they need to have a clear picture of what is going on in their economy.
There are various and numerous sources of economic and labour market information produced by many different organisations and they vary in terms of their timeliness and accuracy. This can cause confusion as to what these sources actually show about the performance of the local economy and potentially could mean that businesses and individuals are not getting the support they need.
Sources of Economic Data, Information and Intelligence
There is a vast array of resources on the Lincolnshire Research Observatory website that provide information on the economy.
Focus On: Growing the Lincolnshire Economy
On Friday 5th October 2012 the Lincolnshire Research held the fourth of its free ‘Focus On:’ events with support from the Greater Lincolnshire LEP, the Lincolnshire & Rutland Employment and Skills Board, and Lincolnshire County Councils Enterprise Growth team. Presentations from the event are available to view below.
The aim of the event was to raise awareness and improve understanding of the opportunities and challenges to business growth, and promote discussion and partnership action on tackling them in order to help facilitate growth in the Greater Lincolnshire economy.
‘Local Economic and Business Performance, and Our Prospects for Growth’ - provides an overview of the local economy and business performance past, present and future (including results from the latest Quarterly Economic Survey), as well as a more detailed look at our identified growth sector.
‘Opportunities for Supply Chains and Innovation in Lincolnshire’ - considers the findings of the latest research commissioned by the Greater Lincolnshire LEP, and managed by the LRO, on opportunities for supply chains and innovation in the county. It will also look at how these findings are proposed to be taken forward to help benefit the Greater Lincolnshire economy.
‘Skills Research and Intelligence’ - focuses on skills information and data, in particular recent research commissioned by the Lincolnshire & Rutland Employment and Skills Board, looking at specific skills issues within our growth sectors.
‘What support is currently on offer to county businesses?’ - provides an overview of the current business support offer available to county businesses, the plans for future business support, and the challenges ahead.
'Barriers to Innovation and Skills - Feedback from group work of attendees'- The event attendees were asked to take part in a working group session looking at either the barriers to innovation, or the skills issues, that were hindering business growth. A number of statements based on research commissioned by the Greater Lincolnshire Local Enterprise Partnership and Employment & Skills Board were prioritised , ideas were presented on how to tackle them, and in doing so questions were answered on how we could work better in the future in partnership.
Focus On:Understanding Lincolnshire's Economy
On Friday 30th March 2012 the third of the LROs free ‘Focus On:’ events was held. Presentations from the event are available to view below.
The event looked to:
- Remove barriers and encourage effective and confident use of data
- Provide an overview of the global and national economic context within which local service providers are working
- Provide an up-to-date and detailed understanding of Lincolnshire’s economy and labour market, how it has changed, and what this means for the county now and into the future
- Highlight the use of local information and intelligence in interpreting economic and labour market data and making informed decisions
- Signpost users to the various sources of economic data and intelligence held on the LRO
‘The Global and National Economic Context’ – will be of interest to those who want to have a better understanding of why the UK and many other countries experienced a credit crunch and entered a period of recession, why we remain in a period of economic uncertainty, and what the future holds for the UK economy.
‘An overview of the Lincolnshire economy - Past, Present and Future’ - will benefit those who want to know more about the local economy and how it has performed over time, how it compares to other areas both nationally and globally, the underlying drivers of our economic performance, and how the economy may develop in the future.
‘People and the Lincolnshire economy - A look at the local labour market’ – looks at the human side of the economy, the trends in Lincolnshire’s labour market in terms of for example unemployment, job vacancies and skills levels, providing an understanding of how the county compares nationally.
‘Business and the Lincolnshire economy – A look at business demography and performance in the local economy’ – considers the business element of the economy, and will look at business demography across the county, how businesses have faired during and after the recession, including feedback direct from businesses through the Lincolnshire Quarterly Economic Survey.
Latest News on the Local Economy – April 2013
Latest figures released by the Office for National Statistics (ONS) show that there was a decrease of 684 people claiming Jobseekers Allowance in Lincolnshire in April 2013 compared to March. The number of people currently unemployed and claiming Job Seekers Allowance in Lincolnshire now stands at 14,369.
The county rate of unemployment decreased by 0.2% from March and now stands at 3.2%. This rate remains below the national rate of 3.7%, which saw a 0.1% decrease between March and April.
Job Announcements this month include:
- The relocation of a supermarket to Mablethorpe will generate 200 jobs
- There are up to 150 jobs at risk at Boston based Timber engineering company
- A new food store could be built on the grounds of a village pub, creating at least 12 jobs
- Boston Assembly Rooms renovation will create around 35 jobs