Plymouth is the 11th largest city in England with a resident population of 241,000 people and a further 100,000 people live within its travel to work area. It is a compact city of some 30 square miles. The city is located in an area of outstanding natural beauty, bordered by Dartmoor, the harbour and Plymouth Sound, and the Tamar and Plym river estuaries.
Historically Plymouth has a rich history with strong naval links. The marine sector remains very important and added to this, to create a diverse economic base are electronic, healthcare, advanced engineering, food and drink, boat building and call centre businesses.
Unemployment tends to be below the national averages and is currently around 2.5%.
Over the next 20 years, it is anticipated there will be over £1 billion of new investment in Plymouth. Development has already started with the construction of a new 51,950 sq.metres new retail development in the city centre which is due for completion in Autumn 2006. The City Council has employed the world renowned architect David Mackay, and the Mackay Vision for the City will transform and greatly enhance Plymouth as major parts of the city are scheduled for redevelopment.
Historically Plymouth, like many other cities, has had a narrow economic base dominated by a single sector - defence. The area faces tough challenges in creating a successful and sustainable economy and regenerating its disadvantaged communities.
The majority of the sub-region's businesses have less than five employees and levels of entrepreneurship in the area are generally low. However, there is real confidence to build on its strengths and create a prosperous and competitive economy. To succeed there needs to be shared vision and the development of effective partnerships and networks to involve businesses and the public sector.