At its heart the strategy has a vision to ‘unleash Stockport’s potential as an economic force within the region whilst enhancing our social and environmental fabric – towards a strong and responsible economy’.
This vision will be achieved through five strategic objectives:
- To develop and improve the fabric of the Town Centre and District Centres - the need to create vibrant, thriving and dynamic centres where people live, work, visit, eat and shop is key to Stockport's economic development strategy
- To support enterprise, innovation and competitiveness - by facilitating economic growth and encouraging entrepreneurship in Stockport the competitiveness and performance of local businesses will be enhanced
- To promote Stockport as an attractive visitor and business location - promoting Stockport to both visitors and companies will encourage new investment into the town
- To improve skills and employability - removing the barriers to employment which exist in a number of areas as well as improving the access to employment and training opportunities not only benefits local residents and employers but is also key to ensuring that all local residents can share in future successes
- To develop transport solutions - ensuring that transport and communications networks offer first class access in and around Stockport
The Economic Development Strategy sets out how we are retaining Stockport’s competitive edge whilst also enhancing the town’s business position. Managing the growth and ensuring that the whole community of Stockport can share in economic success are also key to delivering the Economic Development Strategy. Given its logistical advantages and increasingly skilled workforce the Economic Alliance believe that Stockport has the potential to make a significant contribution to the evolving North West economy. The borough can and will become one of the principal motors of the new regional economy.
Throughout its ten year life the strategy’s vision will remain unchanged. However to ensure developments address evolving business needs new projects will be continually implemented via short term action plans. The latest review of the Economic Development Strategy took place in 2009 and the revised action plan has recently been approved and adopted.
Achievements of the Economic Development Strategy 2002 – 2009
To date work around the strategy has made a number of significant achievements which have had a positive impact on Stockport as a business location, some of the key ones have included:
- Launch of business incubator facilities at Broadstone Mill
- Establishment of business start up initiatives including the popular ‘Silver Entrepreneurs’ programme which works specifically with those aged over 50 encouraging them to start their own businesses.
- Stockport Into Work initiative which helped over 100 people move from Lone Parent/Incapacity Benefit back into employment.
- Inward investment to Stockport creating and safeguarding 2,968 jobs and totalling over £123 million investment (2007-2009)
- Progressing exciting new plans for Stockport town centre including the redevelopment of Stockport’s retail core on Bridgefield Street and Stockport College
- Supported enterprise & innovation through a range of business support services
- Organised the Stockport Jobs Fair and several training programmes supporting the long term unemployed
Ownership of the strategy
Stockport Economic Alliance is a partnership between key local employers with representation from a selection of central and local government partner organisations.
Since its establishment in 1999, Stockport Economic Alliance has been working to respond to the changing requirements of the local economy, in order to ensure Stockport fulfils its potential as an economic force in the region, ensuring Stockport continues to be a successful and prosperous location for the benefit of all its residents. Today the Alliance is key to implementing the Stockport Economic Development Strategy, and to ensuring the associated objectives and recently revised action plan are achieved in order for the strategy to fulfil its vision.