Inventing our future Collective action for a sustainable economy

What do we
need to change?
Spatial Economy
For information on sources of data
used within the Spatial Economy goal,
please see evidence base, part 2
section 10 and statistical annex
82
3.8 Spatial Economy
Sustainable places that attract and retain
the people and investment necessary for a
world-class economy
Place matters! In an increasingly competitive international economy,
the nature and quality of places are becoming ever more significant.
Sustainable built and natural environments are key factors in attracting
investment, a well-skilled labour force, businesses and visitors. Cities and
towns play a particularly critical role in the development of knowledge
economies, in part due to agglomeration effects, which mean that
businesses can benefit from large labour pools, local supply chains and
informal networks. Our towns and cities are the building blocks of prosperity.
Agglomeration effects such as skilled labour pools, specialist suppliers,
business networks, knowledge flows, supportive institutions and finance
and innovation are important issues in creating competitive sub-regions.
If the scale and effectiveness of urban areas can be increased, then the
economic performance of the town or city and wider rural areas can be
improved. The principles of agglomeration lie at the heart of the
approach to successful place-making in the East of England and have
informed the identification of the ‘engines of growth’.
The East of England is facing a number of opportunities and challenges
over the next decades. The scale of growth faced at local and regional
level, and the major challenges we must embrace such as climate change,
resource-use, an aging population and migration, mean that the region
needs to plan and deliver growth in a holistic manner.
There is an external perception that the East of England is performing very
strongly; however, there are some significant issues of under-performance
and disadvantage across the region that require a targeted approach in
order to maximise the impacts of the growth agenda. It is vital to identify
and foster the specialist economic roles that our towns, cities and rural
areas play in the global economy. There is also recognition of the
convergence and linkage between urban and rural economies. We must
ensure that our settlements and rural areas are vibrant and that the
region’s special and vulnerable landscapes and environments are
conserved and improved.
Sustainable communities in both urban and rural areas also need access
to a wide range of services, transport, education, community and social
facilities, ICT, quality environments, health and culture. The importance
of these assets and infrastructure in promoting economic success and
well-being cannot be overstated.