Recent forecasts suggest that the East Sussex economy could expand by about £2,900 million gross value added (GVA) between 2013 and 2025. GVA is the value of goods and services produced in the area.
Over this period, between 18,270 and 25,490 jobs could be created which includes full and part-time as well as self-employed. Sectors that are anticipated to grow at the fastest rate in terms of employment between 2013 and 2020 include construction and financial and business services. Manufacturing and government services are fastest to contract.
Sectors such as construction, accommodation and food services, information and communication and financial and business services are expected to grow at the fastest rates in GVA between 2013 and 2020. The East Sussex economy is expected to grow at the same rate as the South East with the only sector predicted to decline being mining and quarrying.
The construction sector however is forecast to recover and is expected to grow at a quicker rate in East Sussex compared with regionally.
In 2013, when many of these statistics were complied, there were 2,645 more business starts across the county than there were closures, which were just below at 2,100. This is the first time this has happened since the recession. Although this is a step in the right direction, it is far more delayed compared to the regional and national trends as business starts began to rise and exceeded closures in 2011.
The only exception was Hastings as this area managed to follow the national trend. The town presents successful survival rates with 45.3% of new businesses surviving for 5 years.
The information for this report came from East Sussex in Figures and this is from their latest economic update.