The following summarises the five defining threats shaping economic growth and prosperity in the borough.
- Bury’s ageing population is compounded by a slow increase in its working age population (if not addressed this will result in a smaller workforce available to support our desired economic growth)
- Skills shortage vacancies are a barrier to business growth and productivity (skills shortages hinder the functioning of businesses and industries and limit the ability of an economy to diversify into new sectors and industries).
- Enterprise and scaling up (In 2020, the borough didn't have as many new businesses starting as some other places, and that's not a good thing. Making a good place for businesses means giving them the things they need, like places for people to work and spaces that don't cost too much, so businesses can start and grow).
- Inequality becomes more routed in Bury (as the borough pursues major opportunities for economic growth, it will need to ensure opportunities are inclusive to residents and local businesses)
- Poor digital ‘cold spots’ could hinder business competitiveness and undermine digital inclusion (this threatens the borough’s competitiveness and could deter investment)