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Local business growth causes unemployment to fall

1st September 2017

Categories: Latest News

Local business growth and recruitment is helping drive unemployment figures down across Torbay.

Torbay Council’s Elected Mayor and Lead for Finance and Regeneration, Gordon Oliver, said: “The implementation of the £1m Torbay Growth Fund has both helped businesses in Torbay to expand and encourage investment in the area, which is integral to creating more businesses and jobs.

“Major developers and investors are showing confidence in the Bay by investing in significant projects that improve prime sites, boost the economy and create jobs. Ongoing improvements to Torbay’s regeneration and infrastructure will continue to maximise visitor opportunities, business connectivity and economic growth. The real economic benefits are beginning to show after the opening of the South Devon Highway.”

Torbay Council’s £6.5m investment in a purpose built factory welcomes Graphic Controls into Torbay, a move that safeguards 45 jobs and will lead to a further 50 jobs being created by 2020.

£1m was set aside by Torbay Council for the Torbay Growth Fund, an initiative which was set up by the Mayor to support businesses and tackle unemployment, and to date, £840,000 has been allocated to support 19 businesses and create 320 jobs.

Torbay Council and TDA are committed to supporting apprenticeships through the tSpace web platform and working with schools and local businesses to create strong partnerships, maximising the opportunities for job seekers aged 18-24, which is reflected in the low unemployment figures for this age group.

Debbie Passmore, Partnership Executive at TDA, said: “Torbay has an enterprise culture with many new businesses being created with support from business advisors delivering the Start Up and Grow and Growth Support Programmes. Torbay Council and TDA continue to work with key partners and local employers to create opportunities for apprenticeships, work experience and helping local businesses grow.”

Following the success of the jobs fair in March, where 650 jobs seekers met with over 50 local employers, Torbay Council and TDA worked in partnership with Job Centre Plus to deliver yet another successful event on 6 October. With even more job seekers and employers attending the fair, this will undoubtedly see further improvements on the unemployment figures.

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