While the economy is growing and unemployment levels have dropped significantly, the Island still does not share in the wealth and prosperity of our mainland neighbours.
Our GVA (a measure of economic prosperity) remains well below both regional and national averages. Transport issues, our somewhat narrow economic base, low wages, dependence upon a seasonal tourist industry and emerging skills shortages and recruitment difficulties, all restrict business growth and wealth creation.
We do, though, have internationally competitive companies on the Island specialising in composites, aerospace, electronics and marine-related activities.
The Cowes Waterfront initiative is also leading to major investment in new jobs, homes and leisure facilities.
The Island’s biggest employment sectors are retailing, manufacturing, construction, health and business services and there is clear potential for growth in some of these sectors although the focus needs to be on creating more higher paid jobs rather than just more jobs.
While the economy has shown recent signs of diversification almost two-thirds of the workforce is concentrated in just five sectors with the public sector, health, retail and tourism especially dominant.
We will create an Island with a first rate infrastructure where business can grow and provide well-paid sustainable job opportunities.
We will achieve this by:
(More information can be found in the Community Strategy. For further detail on specific targets, please see the Local Area Agreement section of the site.)
