There is a saying that “the secret to good business is to know something that nobody else knows”. To the 30 million people who visit Suffolk every year, the secret is out: Suffolk is a great place to holiday.
It’s no wonder then that in Suffolk tourism brings in £1.8 billion to the local economy. For the 30,000 people working in 3,000 companies across the sector, Suffolk is the place to do business.
Some models estimate that labour productivity and Gross Value Added per capita in St Edmundsbury are some of the highest in the region.
It’s not difficult to see why when nine of the 100 top companies in Suffolk and Norfolk are based in Bury St Edmunds, with turnovers from £50 million to £1.2 billion. Indeed, West Suffolk is home to nearly half of the county’s top 25 exporting companies.
Our town is bucking trends, with footfall increased 3.5% (it’s down 0.8% nationally). Is that because our broadband isn’t up to scratch or because our high street is exceptional?
Both, I say. Our fantastic businesses can rest assured knowing that I won’t, until we’ve got 100% super-fast broadband coverage.
Shop vacancy rates are a healthy 6.5% (compared to 10.6% nationally). In fact, with about 4,320 companies in my Bury St Edmunds constituency, we’ve seen a net increase of 150 businesses opening up for trade since 2013.
With strong figures like those above, you can see that tourism is but one part of our thriving local economy.
As I headed out of Suffolk in the car this summer for a short break with my family, I passed car after car heading in the other direction. If I get stuck in traffic on the way back home it might be with a smile on my face.
A brief one mind. Imagine what more business potential we could unlock with an improved ‘no more delays’ A14 and improved broadband!