Our economy
Creating inclusive, innovative and sustainable growth, learning and opportunity
The council is committed to ensuring that Belfast has a thriving and prosperous economy that is a hub for businesses and provides diverse employment opportunities for our population. Belfast and the Belfast City Region are central to driving productivity, innovation and growth in the Northern Ireland economy contributing more than two thirds (£27.4 billion, 2019) of Northern Ireland’s economic output (Gross Value Added) and home to 40 per cent of the total Northern Ireland business base, with an employment share of 63 per cent of the Northern Ireland total.
Belfast Region City Deal
The highly ambitious Belfast Region City Deal (BRCD) represents a new way of working between central and local government and regional partners. The deal secured a bespoke package of investment from central government and the BRCD partners of more than £850 million to support the delivery of a shared vision to deliver 'inclusive economic growth that delivers more and better jobs, a positive impact on the most deprived communities and a balanced spread of benefits across the region'.
Over the next three years, we will work to implement the first £200million of BRCD-funded projects emerging in the city (Studio Ulster, Digital Twin, Belfast Rapid Transit 2, Lagan Pedestrian Bridge, Momentum One Zero, I-REACH, Augment the City and Centre for Digital Healthcare Technology.
We will also continue to work closely with partners to support the delivery of other programmes such as the NI wide Digital Transformation Flexible Fund.
Productivity and innovation
We will work with our partners, government, and key agencies to create more and better jobs that are sustainable and rewarding. We will focus on delivering the benefits of the Belfast Region City Deal (BRCD), supporting innovation and application of advanced technologies that will drive the economy of the future in digital and creative industries, financial services and FinTech; life and health sciences and MedTech; and advanced manufacturing, engineering and green economy.
This will include delivery of the first phase of the £55 million BRCD Innovation Challenge Fund which aims to address the emerging needs and unique characteristics of the region and is designed to stimulate collaborative innovation and investment. The fund will stimulate innovation to address the region’s grand challenges of:
- artificial intelligence and data
- health and wellbeing
- sustainability and resilience.
We will promote the critical role of Belfast and the Belfast Region in driving productivity and delivering inclusive growth and work collaboratively with public and private sector partners to support and encourage continuing international, business and government investment in the region.
Inclusive, sustainable growth and opportunity
We will work with partners to deliver high quality enterprise support covering all stages of the business growth lifecycle. The Northern Ireland Enterprise Support Service (Go Succeed) – led by Belfast City Council on behalf of the 11 local authorities – will offer an enhanced menu of flexible support to people thinking about starting or growing a business. There will be specific support for key target groups including female entrepreneurs and people with a disability. It will also provide targeted support for social enterprises and co-operatives.
We will continue to develop our city markets, in recognition of the key role that they play in enhancing the economic offering, vibrancy and employment opportunities in the city.
Economic activity and employment rates in parts of Belfast are amongst the lowest in Northern Ireland. Employment rates and income levels also vary greatly across the city, and this can create barriers and exacerbate social exclusion challenges. We will prioritise creating inclusive pathways to good employment opportunities through the delivery of Belfast Employment Academies which are short, intensive employment interventions designed to better equip residents to find good jobs.
Our work will include the ongoing collaboration with a wide range of partners through the Belfast Labour Market Partnership (LMP) which is focused on improving Belfast’s employability outcomes and labour market conditions.
The labour Market Partnership (LMP) will be a key enabler to build sector specific upskilling pathways, connecting residents with new or better employment opportunities, particular in our key growth sectors and areas of opportunity. We will also target support for disadvantaged groups and places to ensure inclusivity and address existing imbalances. This work will require close collaboration with a wider range of community-based partners whose outreach and engagement work is essential in enabling us to attract participation from across key target groups. We will work with partners to build consensus around how we can make most effective use of resources to increase labour market participation, including consideration of any future Shared Prosperity Fund (SPF) interventions.
The council will continue to work with partners to optimise links between the business community and education or training providers to enable young people and adults to develop the skills and qualifications they need to progress in the workforce, at whatever stage of their career they are in. Skills development is central to creating the conditions for sustained innovation, excellence, and growth for our Belfast businesses.
We will also support the delivery of the Belfast Business Promise which represents a new accreditation for employers who are working together to make Belfast a city that provides good jobs, better wages for employees providing good jobs, whilst also supporting a sustainable local economy and building a healthier city for everyone. It will create a community of organisations committed to improving how they do business together.
The council will continue to support and strive for the creation of a sustainable circular economy to ensure that materials aren’t wasted and nature is regenerated. We will also work with partners to help develop an ecosystem that supports and encourages innovation and collaboration in green tech amongst existing companies and start-ups and delivers the skills so essential to converting the net-zero challenge into an economic opportunity.
