Community Wealth Building Plans to Boost Economy

Plans to boost the Dundee economy and support local jobs and growth by harnessing the power of Community Wealth Building are to be discussed by councillors.

A proposed Community Wealth Building Strategy and Action Plan maps out how the city council and key partners will look to help give people a stake in their future.

The strategy builds on work that has been ongoing in the city for a number of years and is designed to complement a range of existing activities that support sustainable economic growth in Dundee.

A report explains how Community Wealth Building uses the power and influence of major anchor partners to work collaboratively. This joint effort will maximise the economic and social power of their organisations as major employers, procurers of goods and services, financial institutions, land and property owners and economic drivers for the city.

Community Wealth Building would help to deliver Dundee Partnership priorities to reduce poverty and inequalities, tackle climate change and enable inclusive economic growth. The strategy covering 2025-30 is described as one of the building blocks to develop a wellbeing economy in Dundee.

The City Governance Committee will be told that since the council began developing its Community Wealth Building approach, the council has improved its ability to track and influence direct procurement spend.  

In financial year 2023/24, 47% of procurement spend was in Dundee city, up 7% on last year’s figures. Dundee City Council is ranked 3rd nationally for local spend and above the national average of 30.7%.  

Actions detailed in the strategy include working with partners to increase the amount of their procurement spend which is spent locally, and maximising local subcontractor and supplier spend from major capital programmes.

The document outlines how partners would use their position as major employers to promote the principles of Fair Work and continue to tackle Dundee’s low wage employment through promotion of the Real Living Wage as a practical tool to increase families’ incomes.

Supporting inclusive ownership is another method outlined to help grow wealth in the city. This recognises that some business models including social enterprise, cooperative or employee-owned business are better at retaining wealth within a local area.  

The City Governance Committee is being asked to approve the strategy at its meeting on Monday June 23.

Depute Convener Cllr Willie Sawers said: “Community Wealth Building focuses on local people and supporting local businesses, to drive wealth back into the community.

“Dundee partners have made good progress so far, as can be seen by the success of our Living Wage campaign.

“But there is still much more we can all do to take forward this new strategy to ensure that local economic development can have the maximum impact on communities and people's lives.

“This is about making the city a better place for everyone by helping to increase opportunities, reduce unemployment and address issues like deprivation and poverty, as well as the climate emergency.”