Dynamic growth

Growth projections and future growth areas

Devon is the largest economy in south west England. It covers a land area of 2,590 square miles, making it the third largest in England and its resident population is growing at over twice the national average too. Devon is home to over 554,000 economically active people, over 51,000 VAT registered businesses and almost 86,000 self-employed people. New business survival rates are higher than the regional and national averages, as are numbers of small businesses. The economy of Devon is both unique and diverse. With its inspiring landscape, high quality environment and cultural heritage, Devon’s economy has developed over the centuries to become vibrant, innovative and dynamic.

Devon’s economy was worth almost £18 billion in 2008 and is expected to grow at an average of 3% between 2015 and 2020, with East Devon, Mid Devon and South Hams expected to see the fastest growth, reflecting the mix of industries in these areas. In Devon, there are four key sectors that compete particularly strongly on the national stage, capturing a significant share of overall growth:

Renewable energy

With a wide range of natural renewable energy assets, Devon is remarkably well placed to lead the way in the development of new technologies and create skilled employment in this rapidly growing sector.

Knowledge economy

With impressive university research facilities, a range of different businesses already operating in the sector (computing, research and experimental development, market research and product testing, design services, engineering and management consultancy), an innovation centre, an emerging network of flexible workhub spaces, an established science park and plans well underway to develop a second, Devon is rapidly driving forward its knowledge economy.

Agriculture and food

Consumers are increasingly seeking locally produced, ethical and high quality food and drink. Devon with its many award-winning, primary producers is exceptionally well placed to take advantage of this growing market. This sector will benefit from the nationally driven Food 2030 strategy which aims to deliver a ‘sustainable and secure food system for 2030’. There is a prominent role for Devon to play nationally and internationally in food security, by developing a low carbon food system that is efficient, sustainable and globally competitive.

Tourism

Devon continues to retain a competitive advantage over many other destinations, driven by the wealth of the natural environment, the quality of accommodation offered and the diversity of leisure activities. The growing trend for ‘staycations’ is great news for Devon’s tourism industry.  Alongside this, improvements to the county’s rail and road network and planned investment (including a new terminal building) at Exeter International Airport are paving the way for easier travel to and from Devon.