Economic Archives - Invest Colchester

This research tells us that:

At least 50 business units were foreign owned in Colchester at the end of 2016( 7% of all business units in the Borough)

Though small in number these businesses make a significant contribution to the Borough’s turnover – 38%, and they employ almost 10,000 people (11.2% of total employment)

The majority are long established businesses

At 60% the European Economic Area is the region with the largest number of foreign ownerships however:

the EU proportion of FDI owned companies represents 2% of employment – 1794 jobs and £463.6m of the Borough’s turnover (5.2%).
The non-EU proportion of FDI owned enterprises represents 9.2% of employment – 8128 jobs and £2946m of the Borough’s turnover (32.9%)

The top three countries owning Colchester companies were: Germany (40%), Ireland (19%) and Spain/Luxembourg (= 6%)

Middle sized companies rather than large or micro businesses are most common at 56% and these typically employ between 10-149 people

The sectors most represented by FDI are communications, arts and recreation closely followed by manufacturing. Communications, arts and manufacturing were identified as key sectors for future growth in Colchester’s Economic Growth Strategy 2015-21

Commenting on the report, Councillor Tim Young, Portfolio Holder for Business and Culture, said: “The report has been really useful in highlighting how important FDI is to Colchester’s economy in terms of jobs and turnover. It was particularly interesting to see how Non-EU is more significant in terms of jobs and turnover than the EU. However, we absolutely appreciate how EU related products and services in Colchester businesses may well contribute to important supply chains elsewhere in the UK.

It is important to separate FDI from exporting which are not covered by this report. Many British owned companies located in Colchester export successfully around the globe and employ many local people. However, they are separate to foreign owned enterprises where company decisions are made overseas.

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Colchester: Turning up the Heat

Colchester Borough Council is set to deliver a unique pilot project in the North of the Town. In the Northern Gateway regeneration area the Council is to showcase an ‘infrastructure first’ approach to build, by installing a heat network alongside Ultrafast Fibre Broadband – providing both low carbon heat and Gigabit connectivity to this new development.

Government funding from the Heat Networks Investment Pilot (HNIP) scheme has been key to unlocking this initiative, with the North Colchester Heat Network scheme being awarded £3.5m to help deliver the Heat Network in the area, making Colchester one of only nine schemes in the UK to have been awarded funding as part of this pilot project and the only scheme to look at using a water as a heat source via a water source heat pump.

What is a Heat Network?

District Heat networks supply heat derived from a central source to a network of two or more properties through a network of pipes. This means that individual homes and business do not need to connect to their own energy supply.

Colchester’s Preferred Way Forward

The preferred option for this scheme is an open loop water source heat pump system. This system makes use of the naturally occurring groundwater within the Aquifer (the water bearing aquifer layer) which is extracted from the ground via a borehole and then heated and pumped around the system before being returned at a lower return temperature to ensure the system is run at maximum efficiency.

Benefits of the Scheme

Reduced energy cost to customers making it an even more attractive place for business to locate to
Enabling a reduction in fuel poverty for residents
Delivering higher carbon reduction compared to conventional heating systems
Opportunity to generate a small income to help offset the impact of the withdrawal of Government grants to Local Authorities

Why a Heat Network?

The UK must reduce carbon emissions by 80% by 2050 and Colchester is one of the fastest growing areas in the East.

With an expected population growth from 180,420 to 193,806 residents by 2020, without implementing low carbon projects such as this, Colchester could see a potential increase in carbon emissions of 11% by 2020 compared to current levels. The delivery of a water source heat network enables the delivery of low carbon heat to residents and businesses in the Northern Gateway area.

To find out more email: Jan.warren@colchester.gov.uk and follow us on Twitter: @ColchBusiness

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