Strategic objective - Prosperous, sustainable and inclusive economy
The agreed heads of terms for the Tay Cities Deal will see over £120m of new Scottish and UK Government investment in our area over the next 10-15 years, in addition to the significant £600m capital investment already committed by the Council.
We continued to invest in and support cultural development across Perth and Kinross. The economic impact of events supported by the Council has more than doubled, up from an initial value of £9.6m in 2017/18 to £19.4m in 2019/20. In addition, this year's Solheim Cup was the highest attended women's golf event ever held in the UK, with a global audience of upwards of 10.4 million and record-breaking crowds of more than 90,000 in attendance.
We are working to provide an environment that allows the people of Perth and Kinross thrive in a fair and prosperous economy. The new Beyond Scotland Market Development Grant scheme launched in September2019 and aims to support local businesses grow their export figures. To date, 30 grants, worth a total of around £70k have been approved, covering projects from 27 businesses. We also supported the opening of the Perth Creative Exchange in February 2020. This £4.5m major regeneration project will support local business start-up and growth in the Creative Industries throughout the region.
Disappointingly, the unemployment rate increased to 2% for 2019/20, which is significant after being stable for several years and relatively low at around 1%. We are working to address this poor performance. The Employment Connections Hub had 2,300 visitors and the Hub Vacancy Management Service assisted in the recruitment of an average of nine vacancies per month and we have funded a job creation initiative for rural business. This initiative exceeded our first-year targets, aiding in the creation of 25 new posts for rurally-based young residents.
We have a set of Key indicators - prosperous, sustainable and inclusive economy [575Kb] for each of our strategic objectives, detailing our performance over time and against targets along with contextual information.