Key targets for Enterprise Zones in Wales 2015 have either been met or exceeded according to new figures published today.
Data shows that during 2015/16 1,960 jobs were created, safeguarded or assisted, against a target of between 1,400 and 1,900.
In addition, the latest Wales Enterprise Zones Key Performance Indicator annual report shows £70m of public and private sector investment was secured and more than 100 enterprises were supported by the Welsh Government.
Economy Secretary Ken Skates said:
“The report illustrates that the Zones are delivering results and making an important economic contribution in terms of jobs, investment and infrastructure.
“From the inception of the zones in 2012/13 to the end of 2015/16 nearly 9,000 jobs have been created, safeguarded or assisted; £177m of public and private sector investment has been secured and more than 400 businesses have benefited from Welsh Government support.
“Over the past twelve months there have been major investments in roads, development sites, offices and manufacturing units. Business expansions and inward investments are creating and safeguarding hundreds of new jobs and the Zones are supporting the development of skills and R&D capacity.
“Individual strategic plans have been drawn up for each zone by the private sector led advisory panels and they reflect the very different challenges and complexities that are being addressed. They also have different delivery timescales. We know that in some zones a number of objectives can be achieved through relatively short term solutions while others are planning and preparing to deliver in the mid to long term.
“Although the Zones are not comparable I am pleased to include a breakdown of achievements in each zone on the website. I would like to thank the advisory boards for their hard work and dedication and I am delighted that all our Enterprise Zones are achieving results and laying the foundations that will create jobs, attract investment, support sector growth and, above all, deliver a sustainable future for local communities.”
The five KPIs cover:
- Jobs supported – either created, safeguarded or assisted;
- Investment – from the public and private sectors;
- Enterprises financially supported and assisted by the Welsh Government;
- Number of enquiries received via Business Wales and Sector teams;
- Land either remediated or made available for development and office space.
The report includes aggregated figures across the seven Zones. A breakdown of outputs by zone is published in narrative format within the updated strategic Plans for each Zone on the website. Port Talbot Waterway EZ, which was created earlier this year in response to the steel crisis, is not included in the report.
The results for the full financial year (2015-2016) show:
- 1,960 jobs were supported against a 1,400-1,900 target;
- £70.1m investment was achieved against a £30m -£50m target;
- 109 enterprises were financially supported and assisted against a target of between 100-120;
- 378 enquiries were received against a target of 150-300;
- 1.12 hectares of land was remediated and made available for development against a nil target.
- 120 sq. metres of floor space was created or refurbished against a target of up to 9000 sq. m. The target figure includes 7000 sq.mt. of office space at 2 Capital Quarter in Central Cardiff Enterprise Zone which was achieved and is to be included in the next report.