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Hertfordshire's Economic Strategy

Hertfordshire Futures is developing a new Economic Strategy for the county for the next 10 years and beyond. This will build on the past legacy of success and plan ahead for another decade of growth. The strategy is the next stage in a journey which places residents and businesses at the heart of plans to build a resilient and productive economy which is also more inclusive and sustainable.

Background

Strategic Economic Plan And Local Industrial Strategy
Elstree Studios Platinum Stages Completion August 2022 Credit RG Carter

Hertfordshire Economy

Funding

Economy

£46bn GVA per year (2023)

People

Population

1.2 m people (2021)

Skills

Working Age Population

760,556 (62.6%) aged 16-64 (2023)

Business

Businesses

61,065 (2024)

Innovation

Sectors

5 UK wealth generating sectors

Jobs

Annual Pay

£32,138, Median Annual Pay (2022)

Hertfordshire is powering innovation and pioneering new ideas across a diverse range of industries that have a global impact on our daily lives, offering real investment and cross-collaboration opportunities. Its five key sectors - advanced manufacturing; life sciences; creative (film & TV); digital and clean growth/sustainable development - are driving the UK economy and its growth priorities for the future. Professional services, such as marketing, advertising, legal, accounting and payroll, logistics and construction also make a sizeable contribution to the local economy.

Powering innovation and pioneering new ideas

Hertfordshire’s high-class economy is shaped around its key sectors and knowledge clusters, but it also has real challenges too with social inequalities; skills shortages; poor east-west transport links; lack of employment space and very low rates of housing affordability compared to the rest of the UK.

Key Themes

 

The Future

Looking ahead 10 years, Hertfordshire in the mid-2030s will look very different from now – most of the jobs in this near future have not even been invented yet.

 

Global Trends

While the economic strategy focus will be on growth and productivity, it will also need to take into account geopolitical uncertainty and much wider global trends such as:

  • ageing population
  • AI/digital
  • climate change

 

New Government's Priorities

The strategy will also take into account the new Government’s priorities. These range from addressing the housing crisis and introducing planning reforms, to advancing both deeper and wider devolution. Addressing wider barriers to employment, supporting clusters and place/area-based economic assets, committing to a new Industrial Strategy, and achieving green growth are also on the agenda.

Ageing Population
Innovation Digital
The Future
Housing Reform
About Hertfordshire Futures

Hertfordshire Futures (formerly Hertfordshire LEP) is a dynamic private-public sector partnership focused on driving sustainable economic growth with a strong track record in delivering high value projects. It adopted the new name Hertfordshire Futures following its integration into Hertfordshire County Council. The renamed organisation was formerly launched at this event in July 2024 kickstarting the engagement for the economic strategy.

Watch the launch video

Find out more About Us

How to get involved

Get involved

FAQs

It has been 11 years since the publication of Perfectly Placed for Business, Hertfordshire’s Strategic Economic Plan (SEP) which set the blueprint for growth for the next decade and was last revised in 2019. Its vision to become one of the leading UK economies by 2030 was underpinned by these key priorities: * Maintaining global excellence in science and technology * Harnessing our relationships with London (& elsewhere) * Reinvigorating our places for the 21st Century * Foundations for growth Since then, significant progress has been made and the plan secured considerable private and public sector investment in Hertfordshire. In less than 10 years, GVA has grown by £10bn, generating over £42bn a year. Huge global pressures have also had an impact on the local economy with COVID, UK’s departure from the European Union, war in Ukraine and the Middle East, and a cost of living crisis. Changes to the wider political landscape on both a local and national level, and a new UK Government means that the time is right to develop a new economic strategy and help plan ahead for future growth.
In order to develop a more holistic and rounded definition of economic success, the strategy will consider wider issues surrounding social and health inequalities, reaching legal net zero and new housing commitments and safeguarding our natural habitats. It must also take into account global mega-trends such as AI and digitisation, ageing populations and geo-political risk and uncertainties. In so doing, the strategy will focus on three main pillars: innovation, inclusion and sustainability.
There are no public meetings planned during the engagement process, but there are a number of ways the public will be kept informed and can get involved. The website will be the central hub for developing the evidence base, accessing key documents and viewing feedback reports. We will be running a number of surveys via social media using the #ShapeHertsFuture. The draft economic strategy will also go out for public consultation ahead of its final publication.
This is an important part of the development and delivery of the emerging strategy. Local skills initiatives bring together employers, education, and training providers and other local stakeholders to set out the key priorities and changes needed. This will ensure post-16 technical education and training prepares employees better for work. In addition Hertfordshire Careers Hub enables greater collaboration between clusters of schools by linking Careers Leaders, Enterprise Advisers and our Cornerstone Employer Group (a network of local businesses).
• Businesses • Government bodies and Local Authorities • MPs • Strategic/Place Partnerships: • Education and Employer Groups • Major Transport Providers • Environmental Groups: • Investors and Developers • Health, Police and other agencies • Voluntary and Community Groups • Residents • Professional/Civic Bodies • Media
Over the summer and autumn 2024 we will be seeking the views from lots of organisations and individuals to help us to develop the strategy. This will take the form of place-based discussions at district and county level, business roundtables and public surveys. An Economic Strategy partner toolkit will also be developed to help ensure that the conversations are structured and meaningful with a clear plan for how this engagement will be used. This activity will build on the rich data that has been amassed over the past 10 years to help to develop a greater understanding of the strengths and challenges of the local economy and develop a roadmap for the future.