One of the primary messages of the July 2007 Sub National Review of economic development and subsequent documents was the need for greater power and flexibility to promote economic well-being at the local level. While this brings real opportunity for local economic development and regeneration, it also brings challenges, including the Economic Development Duty on all upper tier local authorities to carry out an assessment of the economic circumstances and challenges of their local economy.
Experian’s Local Economic Assessment service draws on over a decade of experience working with policymakers to support local and county councils and Local Strategic Partnerships in meeting this challenge.
Our assessments provide a detailed picture of the economic conditions in a local area, pin-pointing the factors that have and will support or inhibit growth, incorporating social and environmental issues to provide the intelligence and insight necessary to help shape local policymaking, and answering key questions:
- What are the strengths and weaknesses of the local economy? What makes the local area distinct? How does it interact with wider areas?
- How is the local economy forecast to perform? Where will the jobs be created and which sectors will drive the economy over the medium to long term?
- How well equipped are policies to maximise local assets while responding to the key challenges? What are the priority actions required to fill any gaps?
The Local Economic Assessments can act as a single integrated evidence base for policymaking at the local and sub-regional level, underpinning Economic Development/Regeneration Strategies, Local Development Frameworks, Sustainable Community Strategies, and Local and Multi Area Agreements.
For more information please contact us, or download our Local Economic Assessment factsheet.