Smart Places (4/7) - Economy and Business
February 14, 2017
A strong local economy is not something that is created by the private sector alone. There is a complex mix of components necessary for an area to succeed economically. For example: infrastructure, such as road and broadband, good public services, such as schools and health, a supportive business climate facilitated by the local council’s planning activities, and a good base of skilled workers.
These rarely happen by chance. They require communities, public services and businesses to come together to share ambition and action. Building a skilled workforce locally, for instance, depends on both public and private sector activities in education and training, creating employment opportunities, and through incentives that promote an area, often heavily influenced by public services.
A strong local economy is good for business and for citizens looking for work. But it also helps public services, through reduced social demand on benefits, on local authority housing and on the wider cost of unemployment.