Plan unveiled to boost growth and unlock Sheffield’s economic potential

Sheffield skyline

A ten-year plan to drive economic growth and improve the lives of people living, working and doing business in Sheffield, is to be put forward.  

Sheffield already has a thriving economy and is a world-leader in many business sectors. From having significant advanced manufacturing capabilities, to a flourishing tech sector, multiple innovation assets, as well as a thriving cultural scene and a global reputation as the Outdoor City.

Worth £15.7bn, the economy has major assets of global and national significance, and the city has a successful track-record of attracting investment, talent, major events and visitors alike.

But a new ten-year plan, which will be presented to a Strategy and Resources Committee on Wednesday 11^th December, sets out ambitions to make the most of the city’s economic strengths in order to deliver long-term growth for the city.

The plan showcases the Council’s commitment to Sheffield’s communities, businesses and residents to create a thriving city now and in the years to come.

It sets out a future vision for the city and a comprehensive blueprint for the city’s economic success and investment and partnering opportunities.

Councillor Tom Hunt, Chair of the Strategy and Resources Committee and Leader of Sheffield City Council, said:

“Strong and sustained economic growth is so important for Sheffield’s future. This is key for us to secure higher living standards and better opportunities for the people of Sheffield.

“Our Growth Plan will put our city and the people of Sheffield centre stage, showcasing Sheffield nationally and globally as a city with a clear and ambitious vision for our future. 

“We need economic growth to improve the lives of everyone living, working and doing business in Sheffield. We want to increase living standards over the long term for all and reduce inequality. Our Growth Plan will help us to achieve that.”

As the fourth biggest city in England, with a population of over 589,000 and two world-class universities home to over 60,000 international and local students, the city has the potential to play a greater and growing role in the national economy.

Sheffield is a major employment centre and hub for high skilled jobs. The newly transformed city centre sets the standard for a future modern city, with an energetic business, residential, retail, leisure and knowledge base.

There is capacity to deliver up to 36,000 new homes by 2039, creating the environment for people, business and ideas to thrive and flourish.

The report has also identified the potential for more businesses in Sheffield and the possibility to contribute £2.2bn a year more to the UK economy.

This would mean more innovation and more opportunity for the people of Sheffield and South Yorkshire as a region.

Reducing economic inequalities across the city – ensuring opportunities for all groups of people and communities – is also highlighted in the report. To do this, better housing with more choices of homes in local areas that offer more prospects for residents, will be a focus.

The report also states that giving people access to better, greener and more efficient transport systems so everyone has the ability to travel and take the opportunities of offer, is vital.  

These strategies would also help support climate and environmental challenges faced by the city.

Mission-led growth:

Developed using sound, independent economic analysis, local engagement and consultation and subject to test by local, national and global experts, at the heart of Sheffield’s Growth Plan 2025 - 2035, are four ambitious missions.

Missions have been developed based on an evaluation of Sheffield’s economic landscape, understanding of the city’s strengths and what makes it unique, as well as the challenges to overcome.

The first mission is an ambition to create a ‘global, green and growing’ economy that focuses on generating more and better jobs for residents.

Proposals also hope to ensure all of Sheffield’s neighbourhoods offer a good choice of homes and the opportunity for people to play an active role in the economy, wherever they live.

The plan also highlights the aim of growing the city’s international reputation, and to attract more visitors by celebrating and growing the cultural and creative sector.

The final mission centres around transport, which will also play a major role in the plan if approved, including having a connected, reliable and low carbon transport network.

Delivering the plan:

The report to committee states that delivering the plan will depend on working collaboratively with partners across the city, UK and internationally.

A dedicated ‘Invest in Growth - Compact 2035’, comprising of decision-making representatives from local, regional and national government, business leaders, educational institutions, and community organisations, will be developed with the aim of overseeing the creation and investment of the plan and ensuring it is successfully implemented by 2035.

The proposal for the new Sheffield Growth Plan 2025 – 2035 will be considered at a Strategy and Resources Committee on Wednesday 11^th December. You can watch the meeting via webcast on the Council website. 

The full report can be found on the Sheffield City Council website.