New report reveals significant economic impact of Heart of the South West LEP funding
The Heart of the South West Local Enterprise Partnership (LEP)’s new impact report, published today, 31 January, reveals that since 2011, over 7,000 jobs have been created by LEP funding, generating more than £2.3 billion Gross Value Added (GVA) into the region.
The report evaluates the outcomes of three key funding streams: the Growing Places Fund, Local Growth Fund, and Getting Building Fund, which collectively have a total investment of £582 million across over 100 projects.
The funding is forecast to have created over 20,700 jobs by March 2025, and £6.8 billion of GVA, through projects which have supported areas of competitive advantage, infrastructure, innovation, business support, people and skills.
Karl Tucker, Chair of the Heart of the South West LEP, said: “We are immensely proud of the achievements we’ve made in driving economic growth and job creation across the South West. This report not only reflects our commitment to sustainable development but highlights the critical role LEP funding has played in shaping the region’s economy, productivity and job creation.”
More than 810 jobs were created through Growing Places Fund initiatives, which will generate £260 million of GVA.
Local Growth Fund projects have created 5,560 jobs, and are forecast to reach 17,640; although these are unlikely to be created by March 2025.
Getting Building Fund projects have created 750 jobs, with a forecast of 2,250 jobs to be created by March 2025, although most likely after this date. The GVA generated by jobs created to-date is £296 million, and this could eventually become £874 million.
The report also outlines recommendations for future investments, emphasising the need for a robust strategy, realistic project targets, and a continued focus on areas of competitive advantage, infrastructure, innovation, and skill development.
The LEP is working with key stakeholders to transition functions to upper-tier Local Authorities by April 2024.