Page 83 - Minutes of meeting
P. 83
Summary Implications – Socio-Economic Challenges
The Barrow Town Investment Plan responds to a series of socio-economic challenges which will drive future economic prosperity.
+ Barrow needs to grow more jobs for local people as demonstrated by a lower than average job density ratio (as measured by jobs to
residents aged 16-64)
+ Employment has grown steadily in recent years, with 3% more jobs in the borough driven by gains in the manufacturing and retail
sector in particular. On the basis of the most recent projections (pre Covid-19) zero net employment growth is expected.
+ Barrow is a highly productive economy, driven by gains in high value advanced manufacturing activity, however the benefits of this
economic growth have been unevenly spread. Barrow has a role to play in support the Local Industrial Strategy ambitions for growth in
key sectors including advanced manufacturing, health and social care, and energy.
+ Barrow’s future prospects are heavily dependent on a small number of large employers whose fortunes are closely tied to central
government policy decisions. These anchor institutions, including BAE Systems and Furness General Hospital, have a pivotal role to play
in levering good growth outcomes in the town, including local supply chain development, positive procurement practices and
apprenticeship development.
+ Barrow faces a demographic challenge, characterised by a declining and ageing population which is forecast to continue. There is a net
out flow of young people from the town. Barrow attracts a net inflow of daily commuters, and is characterised by a substantial ‘tidal’
workforce who commute into the town during the week and leave again at weekends.
+ Labour market participation levels in Barrow are low, and unemployment rates are above average. The economic inactivity rate is
stark, at 12 percentage points higher than the national average. Long term sickness is a notable contributing factor.
+ There is a mismatch between the occupations and qualifications of Barrow’s residents and the workforce and this is widening over time.
Labour market projects anticipated continued demand for higher level occupations in Barrow.
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