Council chief hails ‘fantastic’ report on Valley economy
AREPORT compiled by external consultants has provided key insights into the state of the Valley economy – both before and during the pandemic.
Research consultancy ekosgen was commissioned by Rossendale Council in December 2020 to evaluate its economic development and property team against priorities outlined in the economic development strategy – adopted in 2018.
The findings – concluding the team’s activities have delivered a strong return on investment – have been hailed as “fantastic” by the council.
Of the businesses surveyed by the consultants, 57pc strongly agreed/ agreed that Rossendale is a more attractive place to invest than it was two years ago, 64pc strongly agreed/agreed that the borough’s town centres have improved in the last two years, 56pc strongly agreed/agreed that Rossendale offers an improved visitor offer now than two years ago, 73pc that they have greater pride in Rossendale now than two years ago, and 45pc had increased their investment as a direct result of support from the council.
The impact of the pandemic on the Valley’s economy has, however, continued to be “severe”, the report finds, with the number of benefit claimants rising by 94pc between March and November 2020, higher than the Lancashire and North West averages.
Covid-19 has had a significant effect on 82pc of Rossendale businesses surveyed, and two-thirds of businesses have seen a reduction in their annual turnover this year of at least a quarter. Micro businesses have been most affected.
An analysis of the local economy also found an 11pc decline in the number of businesses in the Valley from 2,800 in 2018 to 2,480 in 2020.
The consultants found: “It is likely that the effects of the Covid-19 pandemic were largely responsible for such a steep decline in business numbers, although a slight decline had already been experienced in 2019. In comparison, the number of businesses in Lancashire increased by 2pc, whilst the North West has experienced a minor reduction of under 1pc.”
Ekosgen conducted an online survey of businesses who have engaged with the economic development and property teams.
Sixty-one responses were secured. Telephone consultations were also conducted with a sample of businesses who have engaged with the teams, across the service offers provided, to explore their experience and examples of benefits secured.
For every £1 invested by the council, the report found the return was ‘considerable’, particularly regarding the successes of employability project Rossendale Works and the team’s ability to generate new employment and safeguard existing jobs.
It found a total of £7.6m in external funding had been secured to progress town centre improvements, employment sites, visitor attractions and Rossendale Works, with a further £12.9m of applications in preparation or being considered.
Rawtenstall, Haslingden and Bacup town centres receive particular attention in the report, and projects highlighted include the Spinning Point development, Futures Park, Rawtenstall market, Ski Rossendale, the Whitaker, and Bacup and Haslingden regeneration work.
The report concludes: “The achievements outlined in this report have been delivered by a small team which have made considerable progress in a short time. This momentum needs to be maintained to allow the strategy’s objectives to be achieved in full.”
Rossendale council leader Coun Alyson Barnes said: “Considering how tricky times have been for all businesses and authorities over the last year, our Economic Development and Property Team has continued to perform exceptionally well and achieved beyond all expectations.
“On the jobs front, those 80 people who have been helped back into employment have saved £1.1m per annum in unemployment benefits. As well as the £7.9 million of external funding brought into the Valley, the team has secured more than £5.5 million of private investment.
“I am delighted that the fantastic outcomes for Rossendale that have been achieved by our economic development and property team have been recognised in this report.”