Plymouth has revealed an ambitious new plan to create 8,000 jobs, construct 10,000 homes and establish a thousand businesses. The fresh economic strategy from Plymouth City Council also aims to revitalise 50 vacant buildings and reduce the number of derelict structures in the city centre by half.

It also aims to tackle the 25% of Plymouth's workforce currently economically inactive, with a goal of getting 5,000 people back into the job market, enticing people to relocate to the city, and creating higher paying jobs as city wages remain significantly below the national average. Ultimately, the strategy seeks to bolster the city's economy by £1bn over the next 10 years.

The new economic strategy delivery plan outlines 55 projects, some already in progress, that Plymouth City Council believes will transform this vision into reality. These include the recently-formed Growth Alliance Plymouth – a collaboration between the council, Babcock and the Royal Navy, working alongside Government departments to leverage the Government's £4.4bn investment in defence at Devonport Naval Base.

Other initiatives aim to boost Plymouth's marine sector, such as establishing a centre of expertise for robotic vessels. Additional projects include designating Devonport as a "creative cluster", supporting floating offshore wind developments, expanding the city's night-time economy, aiding the tech sector and fortifying supply chains.

The city's goals are to create 8,000 new jobs and build 10,000 new homes, reports Plymouth Live.

The city also aims to create 1,000 new businesses, adding to the current 6,300 small businesses. It also plans to assist individuals without qualifications, with a goal to reduce the 10.7% of residents who lack formal qualifications.

The plan includes lifting at least 3,000 people in Plymouth out of poverty and helping 5,000 people find employment, addressing the 25% of working-age individuals who are economically inactive. The strategy also seeks to increase Plymouth's productivity by raising the GVA per filled job from £44,930 to £55,000.

Additionally, it aims to bring 50 vacant buildings back into use and halve the number of derelict buildings in the city centre. The plan also includes creating a highly skilled workforce, increasing the percentage of residents with RQT level 4+ qualifications from 38.9% to 45.7%.

The city also aims to reduce carbon emissions and become a carbon net zero city by 2030, and increase local engagement in cultural, heritage and sport activities. Central to the plan is ensuring the city has a "brilliant, motivated and qualified workforce" to meet the needs of Plymouth's businesses.

This involves collaborating with further and higher education organisations to develop sector-focused recruitment events, targeted support for economically inactive people and young people not in work or education, improving work experience opportunities across the city, and creating a construction workforce to address the shortage of skilled workers in the building industry.

Council Leader Tudor Evans said: "This is truly a team effort. We all want to see the city's economy grow, but in a way that makes our residents feel they are part of this success story, to feel proud and part of where they live, to see their families housed and their children get the skills they need to thrive and prosper here in Plymouth.

"The best economic strategy takes people out of poverty: we are doing this to raise living standards and improve lives. Plymouth has long been called a city of potential and over the past 10 years we have made huge strides to realise that potential."

"We have worked with the Government and local partners to invest more than £900m in economic development projects. have delivered a City Deal, secured the South West's only Freeport, created the UK's first National Marine Park and opened one of the UK's most important cultural attractions: The Box.

"The job is far from done and we have even greater ambition for Plymouth and its citizens as we plan for the next 10 years of economic growth and prosperity."

Richard Stevens, chair of the Plymouth Growth Board, has expressed his commitment to the city's development. He said: "Plymouth has a strong history of delivering significant economic development and more than 20 partners across the city have all signed up to make sure we continue to press for growth, regeneration and initiatives focused on improving residents' lives.

"The strategy is a great reminder of the incredible work that goes on in every corner of our city and of the breadth of what Plymouth's businesses offer the region and the country. This is about making sure we maximise every opportunity and do all we can to ensure they flourish."

Plymouth City Council is ensuring it has a "top team" to lead various strategic areas – referred to as pillars – with cabinet members set to receive updates from key figures such as James McKenzie Blackman of the Theatre Royal, Lindsey Hall from Real Ideas, and Richard Davies and Jenny Milligan from the University of Plymouth. They will discuss their involvement in promoting civic pride and regeneration, addressing the challenges posed by a tight labour market and an aging population, and the need to attract new residents, students, and workers to the city.

Productive growth and high-value jobs are crucial to ensure that training meets the needs of employers in our higher value sector. Quality jobs equate to higher living standards.

Plymouth's average pay is still more than £6,000 below the national average of £33,279. Boosting productivity is essential for improving prosperity for all residents, and supporting higher value sectors will help raise wages, create more productive jobs, attract new businesses and investment.

Inclusive Growth is about fostering a prosperous economy that reduces inequality, is sustainable and serves the wellbeing of local people. Approximately 35% of working-age people are economically inactive due to long-term sickness.

Too many individuals struggle to access work and educational opportunities that would enable them to secure higher value jobs.

Sustainable Growth refers to growth that does not harm the environment, promotes social inclusion, well-being and helps to drive a green economic revolution. Plymouth has strengths in the 'blue' or marine sectors, with many robust businesses within this sector, many of which are at the forefront of economic development.