Jobs growth is bucking the economic blues
May 27, 2008
New jobs in Kent have grown nearly three fifths more in the last four years that predicted. Around 11,000 direct jobs have been created since 2004, almost 4,000 more than expected at the time. This shaft of light in the economic gloom was reported by Locate in Kent, the county's key investment promotion agency, which also found the expansion had generated just under £1 billion in capital spending.
The agency got these figures after commissioning an independent ‘impact assessment' as part of its yearly review programme, and it also found that 81 per cent of Kent companies expected to expand and take on additional staff, with 86 per cent likely to invest in the county again. Locate in Kent said it has had its most successful year to date, assisting a record number of 75 companies to move to or expand in Kent, creating 2,356 new jobs during the year - a 42 per cent increase on the year before.Its 2007-08 annual report also reveals that 107,581 sq ft of office space and 329,100 sq ft of industrial space was occupied by these companies, coming from all sectors including financial and business services, ICT, food and agriculture, as well as green and sustainable businesses.
The agency also saw signs that its Northwest European strategy to attract inward investment into the county is paying off. It said the percentage of overseas successes increased, with foreign direct investment making a "significant contribution" to the Kent economy. Figures show the number of overseas companies assisted has grown from 14 per cent of the total to 18 per cent, with 51 per cent of all jobs and 80 per cent of capital investment coming from overseas. Locate in Kent banged the drum for the county at a number of seminars in France, and it is holding an event at the British Embassy in Paris in June to promote Ebbsfleet International Station and Kent's links with Europe.
Cllr Paul Carter, leader of Kent County Council said: "We expect interest in our award-winning county to grow further given the launch of high-speed rail connections to London from next year, new development projects and planned expansion and improvements to infrastructure and facilities."
Paul Wookey, chief executive of Locate in Kent, said: "Our good pipeline of projects and inquiries indicates Kent is well-placed to cope with whatever the financial market may bring and the county offers an excellent cost-effective solution to businesses feeling the credit squeeze."
Locate in Kent, established in 1997 and funded and supported by KCC, South East England Development Agency, East Kent Partnership, Medway Council, local councils, and the Kent Developers Group, is also celebrating after being recognised for delivering ‘a world-leading performance' in an independent study of 160 Investment Promotion Agencies.
Meantime, tourism in Thanet is booming, according to latest figures. It's now second only to Canterbury as the most popular Kent destination with overseas visitors. The industry is now worth more than £175 million to the Thanet economy, it supports more than seven per cent of all jobs in the area, and total visitor spending is up 17 per cent.
Research, undertaken by Visit Kent at Kent County Council in partnership with Thanet District Council, compared key economic markers in the local industry between 2003 and 2006. More than 2.7 million visitors went to Thanet in 2006, with day trippers spending a total of £72.6 million in the area and a further boost of £12.6 million from boating enthusiasts, second homeowners and residents entertaining visiting friends and family.
