Colchester’s economic growth will stem from these sectors…
Colchester’s Creative Heart
A Creative & Digital Hub
Colchester has a large thriving community of skilled creative businesses, yet at the same time it holds a wealth of cultural and creative heritage influenced by a historic association with print and design which has long appealed to creatives. Colchester is poised to take advantage of its geographical and economic position in relation to the Creative and Digital Industries.
- The recent NESTA/Creative England report puts Colchester on the national map for its creative cluster, ranking the town 20th out of 47 places in the UK, beating Brighton and Newcastle… read more
- Around 6,587 people are employed within Colchester’s creative industries representing 5.7% of all employment.
- With an average of 7 people in each firm in more than 865 business units, Colchester is the largest creative Economy in Essex and the wider Haven Gateway area.
- The sector spans advertising, architecture, art, antiques, computer games, crafts, dance, design, fashion, film, music, museums, theatre, publishing, software, television & the radio. The GVA of the creative and digital industries in Colchester was £332.5m in 2016, 7.5% of the total GVA.
The Creative Business Centre
Work is progressing to convert the old Police Station in Queen Street into a state-of-the-art £2.6m creative & digital business centre.
The Creative Business Centre is a key project to provide workspace, networking and showcasing facilities for the creative and digital industries in Colchester
Importantly for digital and software businesses the Centre will have access to world-class connectivity with Ultra Fast Broadband.
The Centre opens in 2016, with SPACE Studios having been appointed as the operator of the Centre.
Hot on the heels of the Creative Business Centre will be a new Curzon Cinema anticipated to open in 2018. Curzon is an expanding art house cinema brand with 10 venues around the UK.
This development comprises a three-screen Curzon Cinema and the opportunity to rent two ground floor restaurants with high quality external seating to the rear overlooking Firstsite.
These new developments join the existing Minories Art Gallery, the Community Creative Workspace at 15 Queen Street, The Waiting Room and the improvement of Priory Street car park which together are revitalising the eastern end of Colchester Town.
Ultra Fast Broadband
Some 900 business in Colchester Town Centre will shortly benefit from the Council’s work with the private sector as one of the leading smaller, independent fibre network operators, County Broadband takes on the management of Colchester’s Town Centre network.
A cluster for Advanced Manufacturing & Engineering
Colchester has a strong presence of advanced manufacturing businesses, building on its engineering and industrial heritage.
Identified as a Priority Sector for growth, Advanced Manufacturing is the integration of technology based systems and processes in the production of products to the highest level of quality and in compliance with industry specific standards.
Using the OECD classification of manufacturing based on technology, Colchester’s cluster contains 65 firms (1.0% of all businesses) employing 1,200 people (1.5% of all employees) but is estimated to contribute as much as 10% of the local economy’s GVA.
Most enterprises are micro and small (up to 49 employees) and in specialised sub-sectors such as acoustic engineering, process control equipment, special purpose machinery and much else.
New Hotels Realising Colchester’s Tourism Potential
Colchester is fast becoming the place to visit in the East of England. Over the past five years new hotels have added more than 180 rooms to the town’s hotel base which equates to more than 65,700 additional room nights a year.
These new developments have also brought an additional 100 full time equivalent jobs to the town and with further projects in the pipeline, the future for Colchester’s tourism looks bright.
At-A-Glance: Sector Profile
There are few destinations, especially in the East of England Region, which have had such tourism growth over recent years. The investments taking place and the annual tourism statistics demonstrate the ambition and the intention to sustain and grow visitor activity.
- The value of pure visitor spend to Colchester Borough has risen by 288% from £63.1 million in 1993 (base year) to £245 million in 2014.
- There was an additional £76.4 million generated by tourism in local businesses supplying tourism businesses with goods and services (the multiplier effect).
- Making a total value of tourism to Colchester Borough in 2014 £321.6 million, a 3.6% rise on year.
- Colchester attracted over 6 million trips from visitors in 2014 (up 114% on the 1993 figure of 2.8 million)
- Tourism supports 5967 actual jobs (up 127% on the 1993 figure of 2,685) and supports more than 700 businesses locally.
Source: Economic Impact of Tourism, Colchester Borough, 2014.
Colchester’s New Northern Gateway: A regional Sport and Leisure Destination
Multi-million pound investments have already been spent in North Colchester on the new Junction 28 off the A12.
The area around Weston Homes Community Stadium will fast become a ‘must go’ place with plans for an adventure space for local people and visitors.
Colchester’s Northern Gateway will be an amazing social place and will promote healthy, active lifestyles and leisure time. It will be the ideal location for family trips and business gatherings alike.
Beautifully designed modern buildings set in stunning green parkland will house restaurants and cafés. The structures will be built with the latest technologies to ensure that they are as green and as sustainable as possible.
The Area Around Weston Homes Community Stadium
Opposite the stadium a David Lloyds Leisure Club will open in Autumn 2016. There will be a new sports centre including a ‘Cyclogym’, badminton courts and high quality café.
Outdoor facilities will include rugby, archery, a dog training club and two new 3G artificial pitches plus much much more. There are also plans for an IMAX cinema.
It is anticipated that the development will be open from Summer 2019.
Read more in Colchester’s Annual Economic Report 2015/16
Colchester has a working age population of 91,800 talented, experienced and educated people.
Locations for Growth
Colchester is one of the fastest growing districts in the country.