Priority c) Economy: A fair, thriving, green economy for all
York has a strong economy. With high employment, above-average wages, productivity amongst the highest in the North, supported by outstanding universities and colleges, York is a global science city and has world renown sectors in rail tech, bio tech, creative tech and tourism/hospitality, together with being home to a range of major public sector organisations.
However, our economy needs to work for everyone. We know that the poorest people in York live an average 10 years less than the most affluent, with rising numbers of residents claiming Universal Credit whilst in work. We also know economic factors are the single largest factor of a healthy life.
York’s Economic Strategy 2022-2032 was approved by Full Council in December 2022. It is one of the core strategies underpinning the 10-Year Plan which sets an ambition that York’s economy will be vibrant and inclusive, with businesses supported to grow and prosper and talent nurtured and retained.
Our economy will be developed to be well balanced with a mix of different sectors providing opportunities for young and old.
Key statistics
- £6.1 billion 2020 contribution to national economy (data source: Centre for Cities – City by city).
- 7,515 businesses +25.2% since 2011 / national average 33.0% (data source: ONS - UK Business Counts - enterprises by industry and employment size band).
- 83.6% in employment in York, 75.5% nationally (data source: ONS – Annual Population Survey).
- 35.5% of 96,196 working residents worked mainly at or from home in 2021 (data source: nomisweb.co.uk/datasets/c2021rm014).
- 1.7% claim Jobseeker’s Allowance plus those who claim Universal Credit who are out of work - range from 0.6% to 3.5% depending on where they live in city (data source: ONS - Claimant count by sex and age).
- 7.2% of population are income-deprived in 2019 (data source: ONS - Exploring local income deprivation)
- Housing affordability: 8.9 in 2021/22 (median house prices to earnings ratio).
- £165 Earnings gap between 2021/22.
What we will do
- Working with York’s Economic Partnership and the newly established Combined Authority, deliver the ambitions set out in the Economic Strategy 2022-2032.
- Support an economy driven by innovation and good business:
- Realise the economic opportunity set by devolution, York Central and the bioeconomy.
- Deliver an action plan to increase well-paid jobs and good working condition and redirect wealth back into the local economy.
- Develop an inward investment strategy to unlock growth and attract new businesses.
- Promote the Good Business Charter and Living Wage Foundation, creating strong opportunities for all.
- Encourage a greener economy:
- Prepare options for a green construction skills plan to build retrofit and renewable energy expertise, with a ‘Green Skills Village’ at its heart.
- Help businesses to thrive:
- Explore how council powers and options could repurpose empty city centre premises, prioritising council space to meet our priorities and working with landlords to encourage meanwhile use.
- Provide access to advice and support that helps businesses grow better paid employment.
- Make the city centre work for everyone:
- Work with the tourism and hospitality sector to explore new revenue streams and a ‘green’ tourist levy to benefit residents and the hospitality sector.
- Work with partners to develop the City Centre, responding to the Movement Plan (see pg 29).
- Work with Make It York to develop a city-wide “outdoor” markets strategy that attracts residents and moves visitors through the city and neighbourhoods, mindful of the council’s market charter
Key performance indicators
City outcomes:
- Survival Of Newly Born Businesses post one year
- Business Startups - (YTD)
- Universal Credit: Claimants
- Housing affordability (median house prices to earnings ratio)
- Earnings gap between the 25 percentile and the median (£) (York)
- % of vacant shops - City Centre
- GVA per head (balanced calculations) (£)
- % of working age population in employment (16-64)
- % of Total Employees working for an Accredited Living Wage employer
- % of businesses paying real Living Wage
- % of businesses signed up to the Good Work Charter
