Welcome to the First Edition of the Bedfordshire and Luton Quarterly Economic Bulletin.
Produced by the University of Bedfordshire on behalf of the East of England Development Agency (EEDA), Central Bedfordshire Council, Bedford Borough Council and Luton Borough Council, this report provides data and analysis of the current performance of the Bedfordshire economy against a backdrop of the global economic recession and ambitious long term jobs growth plans for the area. This report will support the work of local councils, EEDA and other local partners to drive forward economic policy and activities to ensure that Bedfordshire has a strong and productive economy, offering opportunity for all and ensuring that it is at the forefront of economic development. Future editions will focus on highlighting local business needs and particular consideration of the Green Economy and the Environment of Bedfordshire, as well as further in depth analysis of the key issues facing the Bedfordshire economy. There are signs to indicate that in the three local authorities (Bedford, Central Bedfordshire and Luton) the local economy has started to pick up. There are indications to suggest that the claimant count rate has started to decline slightly in two of the LAs. The number of notified vacancies has increased in the third quarter from the previous quarter. With unchanged bank rate and low inflation, property sales have started to pick up. There also seems to be new business opportunities in the region to create employment opportunities. However, there are a series of challenges that need to be addressed. Local Authorities and partners must continue to develop their businesses support activities to help local business thrive and attract new investment to the area. There remains a challenge for partners to increase the qualification and skill levels in the county. All local authorities are below national levels for level 4 qualifications and only Central Bedfordshire seems to better the national average at NVQ Levels 3 and 2. Efforts to increase skills levels and reduce local skills shortages will attract new businesses in the region and ensure that Bedfordshire is in a strong position to compete in the global economy.
