ORESA PRODUCTIVITY AND SECTOR CHANGE

PRODUCTIVITY AND SECTOR CHANGE

ORESA aims to increase economic productivity within Oldham and Rochdale by 10% within the next 10 years

ORESA Approach

There are three aspects to this issue:

1. Target Growth Sectors

Firstly there is a need to target growth sectors in order to help restructure the economy towards higher productivity and higher employment growth businesses. In effect this means putting in place the conditions that will attract new companies in new sectors. The target sectors are likely to include:

Modern manufacturing shifting to higher value added
Finance and professional / commercial – a higher proportion of office based uses
ICT, digital and creative industries
Science-based industries
Leisure-based employment
Logistics and distribution

2. Support Existing Businesses in Key Sectors

Secondly, and in parallel, there is a need to support existing businesses in key sectors to restructure. Many companies in the area can be productive and grow into the future given the correct support and assistance.

We recognise that the current economic downturn is impacting heavily on businesses and employees. We have put in place positive support mechanisms for those most affected and we are actively preparing for when economic conditions improve.

3. Responding to Challenges / Opportunities Arising from new
Environmental Technologies

Thirdly there are challenges and opportunities presented by the energy, environment and climate change agendas. This will provide opportunities for change both in the attraction of new business sectors and in restructuring existing business sectors.

	ORESA Objectives
	ORESA Objectives for Productivity and Sector Change are:
	To increase employment and productivity / GVA by promoting new target sectors.
	ORESA’s approach is to adopt a strong focus on sectors as a key driver for its overall strategy. ORESA is leading joint work on – for example – research, targeting investment, linking with sector organisations and skill sector groups.
	The approach links strongly to the Northern Way Strategy, the City Regional Development Plan, the Regional Economic Strategy and the Greater Manchester Strategy, which is informed by the Manchester Independent Economic Review. The Business Plans of the Homes and Communities Agency and the Northwest Development Agency have also influenced ORESA’s objectives
	To retain and expand existing employment by assisting businesses in key sectors to adapt to change.
	Currently there is a gap in the provision of this type of business support service and therefore the ORESA approach is additional and jointly organised.