OSP partners are working together to promote economic development, growth and regeneration.
The OSP has agreed and adopted The Oxford Economic Growth Strategy. It seeks to:
- establish a shared narrative on the future direction of the Oxford economy; and
- define clear strategic priorities, objectives and actions for delivering and managing economic growth in Oxford over the next ten years.
Oxford – Economy and Place
Oxford is a national economic asset and essential to the future of the UK and the regional economy as a whole. It is the engine of Oxfordshire’s economy with the highest levels of business growth. Over one third of Oxfordshire’s employment is located in the city. Over half of Oxford’s workforce is drawn from outside the city, mainly from the adjacent districts and the rest of the County.
Some key facts about Oxford and the local economy taken from the Fast Growth Cities Report published by Centre for Cities in 2016:
- Oxford has one of the highest Gross Value Added (GVA) per worker in the country at £58,150
- Oxford generates high levels of economy tax per worker and consume low levels of government expenditure
- Oxford is performing particularly well and generating around twice as much in economy taxes as is paid out to them in Government expenditure
- One reason Oxford generates such large economy taxes is our high employment rate
- Oxford has seen the sixth fastest rate of growth out of any UK city
- The strong employment rate has been accompanied by strong private sector jobs growth – 18% in last 5 years
- Oxford is strong in Knowledge Intensive Business Services (KIBS) jobs, which tend to be higher skilled, better paid jobs
- Oxford is one of the Fast Growth Cities that has seen higher business starts than closures over the last ten years
- Oxford is an attractive place to live - over the last 10 years, one of the fastest population growth of any UK city. Oxford experienced annual growth rates of around twice that of the UK. Population of 160,000 – where we were supposed to be in 2021
- This population growth, while an indication of the attractiveness of these cities, places pressure on infrastructure, particularly transport and housing
The Economic Growth Strategy and Action Plan can be downloaded below:
- Oxford Economic Growth Strategy (January 2013) and summary
- Oxford Economic Growth Strategy Action Plan (updated June 2014)
The OSP Economic Growth Steering Group oversees the work of Smart Oxford. Smart Oxford is the strategic programme of a wide range of city partners working together to develop and promote Oxford as a smart city.
The Vision of Smart Oxford is of a city where innovative ideas, active citizens, and aligned stakeholders come together to co-create a better Oxford.
Our region has challenging environmental, transportation, social and housing problems, but also the capacity and capability to develop, test and deploy the technologies that can help address them.
Our aim is to build a stronger, safer, economically and environmentally sustainable city, to help its people to identify and be part of city solutions, to provide a testbed for world class researchers and innovators, to generate growth and jobs, to advance economic & social prosperity, and to help improve the quality, effectiveness and efficiency of city services.
Oxford was one of nine cities represented as finalists at the European Capital of Innovation Awards 2016, held on April 8 2016. Oxford was recognised with a place on the shortlist 'for its vision to openly share the wealth of knowledge within its world-class innovation ecosystem'. Oxford's bid was developed by the City Council with a team of partners from the County Council, the city's two universities, the Low Carbon Hub, the Student Hub, the Hospital Trust, local businesses and other community organisations.
For more information see the Smart Oxford website here
Economic Growth Steering Group Meetings
Find out more about what the OSP and partners are doing on this priority on our Oxford Economic Growth Steering Group Meetings pages.