Spatial Economy
Sustainable places that attract and retain the people and investment necessary for a world-class economy
Place matters! In an increasingly competitive international economy, the nature and quality of places are becoming ever more significant. Sustainable built and natural environments are key factors in attracting investment, a well-skilled labour force, businesses and visitors. Cities and towns play a particularly critical role in the development of knowledge economies, in part due to agglomeration effects, which mean that businesses can benefit from large labour pools, local supply chains and informal networks. Our towns and cities are the building blocks of prosperity.
Agglomeration effects such as skilled labour pools, specialist suppliers, business networks, knowledge flows, supportive institutions and finance and innovation are important issues in creating competitive sub-regions. If the scale and effectiveness of urban areas can be increased, then the economic performance of the town or city and wider rural areas can be improved. The principles of agglomeration lie at the heart of the approach to successful place-making in the East of England and have informed the identification of the 'engines of growth'.
The East of England is facing a number of opportunities and challenges over the next decades. The scale of growth faced at local and regional level, and the major challenges we must embrace such as climate change, resource-use, an aging population and migration, mean that the region needs to plan and deliver growth in a holistic manner.
There is an external perception that the East of England is performing very strongly; however, there are some significant issues of under-performance and disadvantage across the region that require a targeted approach in order to maximise the impacts of the growth agenda. It is vital to identify and foster the specialist economic roles that our towns, cities and rural areas play in the global economy. There is also recognition of the convergence and linkage between urban and rural economies. We must ensure that our settlements and rural areas are vibrant and that the region’s special and vulnerable landscapes and environments are conserved and improved.
Sustainable communities in both urban and rural areas also need access to a wide range of services, transport, education, community and social facilities, ICT, quality environments, health and culture. The importance of these assets and infrastructure in promoting economic success and well-being cannot be overstated.
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