Issue - meetings

This report provides updates on the local financial climate, core business support activity and Council-led initiatives, an update on the national and local economy, key account management work, events and initiatives, progress against major milestones, and inward investment work.

Resolved: That the contents of the report are noted.

Reason: To support York’s ongoing economic work and monitor how York is performing from an economic perspective.

The Executive Member considered a report that provided an update on the local financial climate, core business support activity and Council-led initiatives, an update on the national and local economy, key account management work, events and initiatives, progress against major milestones, and inward investment work.

The Head of Economy outlined the report and noted that:

·        Businesses were still reporting increased costs of doing business and recruitment remained a challenge across the economy. However, there was a high demand for workspace and commercial properties in York.

·        York Business Festival was delivered throughout November 2022 and over 1,000 businesses attended the Festival.

·        The Council were still awaiting news in regards to the Great British Rail bid.

·        The Council’s Business Growth and Inward Investment teams were actively working across the economy and projects, such as the York BID film, were key to increasing inward investment. There were also new roles in the Council to promote this further.

·        The City’s Economic Strategy was agreed by the Council’s Executive on 22 November 2022 and was ratified by the full Council on 15 December 2022.

·        City of York Council’s UK Shared Prosperity Fund Investment Plan received Government approval in December 2022.

·        The Annual Survey of Hours and Earnings highlighted that York’s median full-time weekly pay continued to be higher than the surrounding areas but was average in comparison to the national levels. Pay levels were increasing but were below inflation rates.

·        York’s claimant count had stabilised with 2,440 people claiming out of work benefits in November 2022, which was 700 more than the levels before Covid-19.

·        Job vacancies were closely monitored with 3,071 vacancies advertised within 5 miles of York City Centre in January 2023.

In response to questions from the Executive Member, the Officer explained that the Annual Survey of Hours and Earnings figures were only accessible at a city-wide level due to how results were collected. He also stated that the Executive Member would receive an update on the Inclusive Growth Fund and a report on Inward Investment at the next meeting in March 2023.

Resolved: That the contents of the report be noted.

Reason: To support York’s ongoing economic work and monitor how York is performing from an economic perspective.