North Lincolnshire Growth Factors

Expanded seaport and renewable energy sectors get all the headlines. But this vibrant region of northern England has its eggs in many baskets.

The renewable energy company Offshore energy Denmark announced in February 2015 that 4,000 jobs in wind farm operations and maintenance would be created in Grimsby within five years. This is part of a projected 10,000 jobs envisaged by wind energy manufacturing that should result from the Able Marine Energy Park and Green Port Hull.

Supply chain companies to North Lincolnshire and areas surrounding the Humber. The renewable energy sector building significant assets in the North Sea is certainly a big part of that. With the Government’s £3 billion initiative to create the UK’s largest deep-water port, the South Humber Gateway project, the area will be a significant industry hub. Yet several other industry sectors are on a growth path – enough so that the Greater Lincolnshire Local Enterprise Partnership (LEP) says that 100,000 new homes need to be built to accommodate the influx of new workers.

What else might draw investors to think of North Lincolnshire as important to their portfolios? Here are the industries the Greater Lincolnshire LEP says are the growth sectors of the regional economy:

• Renewable energy – The low-carbon sector is worth £1.2 billion per annum. Add biomass, biofuels and energy from waste that continue to play an economic role as well.

• Healthcare – Already this sector employs 56,000 people but with an aging population and emerging educational institutions (Lincoln Science and Innovation Park), some of the new housing stock should include whole-life needs of seniors.

• Tourism – 39,000 workers welcome and serve 22 million tourists each year, generating £1.3 billion. Many of the castles and forts originally built to keep out invaders are now where friends and trading partners visit on holiday ventures.

• Agriculture and fishing – Producing 25 per cent of the UK’s vegetables on about the same portion of England’s grade 1 agricultural land, the region is also responsible for processing 70 per cent of UK seafood. Already, 68,000 people work across this supply chain in North Lincolnshire.

• Seaports and transportation – By tonnage, Greater Lincolnshire ports handle more than any other in the UK. With 75 per cent of the UK population within a four-hour drive, the ports of Immingham, Grimsby and Boston, as well as the Humberside Airport’s perishables capabilities, make this an exceptional point of trade coming in and going out of the country.

• Manufacturing/engineering – Serving the power engineering, petrochemical, steel manufacturing and motorsports engineering industries, this portion of the local economy produces 20 per cent (£3.3 billion) of the Greater Lincolnshire output.

• Small- to medium-sized business – There are 41,000 small and medium sized businesses already in this region.

As the chair of the Greater Lincolnshire LEP, Ursula Ledbetter, states, “Our housing market also plays an important role in supporting the local economy. We intend to ensure that public and private finance work together to provide a wide range of homes to suit all budgets, in the right places to support business growth and stronger communities.”

Those who choose to focus their finances in North Lincolnshire are obviously looking for growth. But a consultation with an independent financial advisor is nonetheless recommended.