The funds allocated to the South West of England Regional Development Agency (SWRDA) for 2005-06 were £20,175,000.
SWRDA works with other partners to deliver the priorities in the Regional Economic Strategy. It has developed a range of regional programmes to support business productivity, encourage new enterprise and deliver skills for the economy which benefit business in the Bournemouth area. An example of this work is the SWRDA’s support for the ASTREA programme to develop unmanned aircraft which benefits Flight Refuelling who employ a number of Bournemouth residents.
SWRDA has invested in two business incubation centres, one at Bournemouth university which opened in 2002 and another at the Arts Institute at Bournemouth which opened in 2005 to support the retention of graduates in the local economy, particularly in the growth areas of computer animation and new media.
Tourism is vital to the economy of Bournemouth and SWRDA has worked closely with the council in developing a major project to enhance and refurbish the Bournemouth International Conference Centre. The rejuvenated facility opened in autumn 2005 and independent analysis suggests its customers now provide one quarter of the business for Bournemouth’s hotels, and are particularly important in the spring/autumn tourism season.
To address skills gaps and staff shortages in the hotel sector regionally and nationally, SWRDA is developing a national first, the Bournemouth Hotel School. It has assembled a site adjoining the Bournemouth International Conference Centre and appointed a private sector developer and operator who will invest around £30 million in this facility. This will also be the first newly built four star hotel in Bournemouth for many years.
Bournemouth contains areas of deprivation and SWRDA targeted the Boscombe area for investment through its Single Regeneration Budget programme in 2001. This programme concludes in 2007 and has delivered a range of new job opportunities, training and other community benefits including a new Enterprise Centre.