Norfolk's economy

We have ambitious plans for Norfolk. We plan to create 73,000 more homes, 57,000 more jobs and 5,300 new businesses by 2026.

Our key sectors, many of which are of national importance, are spearheading growth. We have a powerful energy hub on the east coast, advanced engineering and manufacturing capabilities and a world-class food, life-science and agri-tech cluster.

Tourism is one of the greatest and oldest economic contributors to our county. It supports more than 54,000 jobs and contributes about £2.8bn to the local economy.

These sectors present attractive investment opportunities. There is plenty of space for businesses to start up and grow; we have quality, cost-effective, commercial property compared to London and the South-East and lower-than-average operating, property and living costs.

Scottow Enterprise Park (SEP), a former RAF base located just eight miles from Norwich, is owned by Norfolk County Council and consists of a mixture of individual buildings and open space. The site lends itself to a variety of possible uses and is now at 91% occupancy with 193 businesses in tenancy. Over 67% of these businesses sit within STEAM sectors.

Norfolk's economy is large, ranking 15th for jobs out of 206 upper tier authorities. It has more than 33,000 businesses and 365,000 employees. Norfolk has grown faster than the non-London UK average in recent years and is now worth £18.5bn [3] to the UK economy. We have a buoyant labour market with employment levels at 76.4% [4] - above the national average.

References:

1. Nomis (ONS Interdepartmental Business Register 2015)
2. Nomis (ONS Bres 2015)
3. ONS Regional GVA 2015
4. ONS Annual Population Survey Jan 2019 - Dec 2019