Torbay's Economy

One of the most popular areas of the country to visit, Torbay is also a much favoured place to live and work. Stunning coastline and countryside are complemented by strong communities, good schooling, low crime rates and excellent public facilities. Transport links are improving and the distinctive and tangible benefits of living and working in the area are increasingly recognised as the values that will encourage inward investment and ensure a thriving and sustainable economic future.

The three major towns are all located on the coast and the local economy has historically focused on tourism, fishing and some manufacturing activities, supported by retail and public sector activities. The Torbay economy has a relatively narrow focus and is dependent on these few key sectors.

As a result, the Torbay economy has experienced gross value added (GVA) growth of 2.4% per annum between 1995 and 2003, which is approximately half the growth experienced at national and regional levels. Employment growth has averaged 1.9% per annum in the ten years to 2004, lower than the national average and significantly lower than the regional and county averages. Torbay's GVA per head figure was £10,208 in 2003, which has fallen to 63% of the national average. This ratio has fallen in each of the last seven years and Torbay has the lowest GVA per head figure of all county and unitary authorities in the South West, having been surpassed by Cornwall and the Isles of Scilly in the latest data. Torbay now has the 9th lowest GVA per head figure of all county and unitary authorities in the UK.

The Torbay Economic Regeneration Strategy, developed over a 10 months period and launched in July 2007, sets out local priorities, based on local competitive strengths and locational advantages. It aims to capitalise on Torbay's unique environment and location to enable it to compete in the modern economy.

Towards Torbay's New Economy - Economic Regeneration Strategy

Torbay's regeneration strategy sets out our vision - driving forward Torbay's economic prosperity. The strategy has been prepared and developed by Torbay Council's regeneration arm, the Torbay Development Agency, in consultation with local businesses, residents and partners.

Our strategy sets out a clear way forward by building on the Bay's strengths to improve economic prosperity, give us prosperous communities with a higher quality of life and improved access to jobs.

The Torbay setting

Torbay has an outstanding environment, including 22 miles of coastline. The three major towns of Torquay, Paignton and Brixham are all located on the coast and the local economy has historically focused on tourism, fishing and some manufacturing activities, supported by retail and public sector activities. Torbay has a population of around 131,000 but its summertime resident population swells to well over 200,000 for the peak summer weeks.

Among the issues that Torbay faces are low wage rates, seasonality of employment, pockets of acute deprivation, some skills gaps and relatively high levels of economic inactivity.

Click to view the lateset labour market profile from Office for National Statistics.

Vision

To address the issues facing our economy the strategy sets out a path for the sustainable development of the Torbay economy by 2016 which will:

  • allow existing businesses to adapt and prosper whilst encouraging diversification to meet new opportunities
  • equip businesses with the necessary support to enable them to be more innovative, whilst creating an educated and skilled workforce.
  • ensure that all members of the Torbay community contribute to and share in the benefits of economic change.

Framework for action

The strategy identifies six themes to drive forward activities and programmes which are

  • Theme One: Repositioning the Visitor Offer and the Leisure Economy
  • Theme Two: Increasing Value and Improving Economic Performance of Key Sectors
  • Theme Three: Encourage Appropriate Diversification of the Economic Base
  • Theme Four: Business and Infrastructure Support for Economic Growth
  • Theme Five: Develop Skills and Learning Opportunities
  • Theme Six: Community Support for a Higher Quality of Life

TDA News

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News Mayor's Vision Roadshows 23 – 24 June – everyone welcome

Torbay Development Agency and Torbay Council are holding a se . . .

News Draft Employers Guide now available

Too many employers and businesses fail to develop and invest . . .

News Unique development opportunity in the New English Riviera

Torbay Development Agency (TDA), working on behalf of Torbay Council, is looking for a private sector partner to deliver a major regeneration programme in one of Europe's finest marine environments: The New English Riviera.

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Victoria Parade Area Project

IDEAS of how to reinvigorate Victoria Parade were shown to a . . .

Princess Gardens Area Project

Sea Change - Cockington Court Project

The Cockington Court project will create an inspirational new . . .