A £190 million funding package that will provide a major boost to the Tees Valley economy by creating up to 1,000 jobs, building up to 1,500 homes and strengthening transport links for local businesses was officially signed by Local Growth Minister Penny Mordaunt today (Thursday 20 November).
The Tees Valley Growth Deal is part of a £12 billion government programme to revitalise local economies. It includes:
- a £12.8 million transport package that will improve road access to several key business locations, including Tees Valley Airport and the Central Park enterprise zone site
- £5.8 million for the Tees Valley Business Growth Hub that will ensure companies are able to expand by getting the right type of common-sense, practical support they need
- £3 million for the Tees Valley Advanced Manufacturing Park to provide vital services for the offshore wind, oil and gas and sub-sea sectors
Local Growth Minister Penny Mordaunt said:
This package is part of our long-term economic plan to boost businesses in the north and provide more security for hard-working families. This deal will deliver real benefits to local firms and is great news for the Tees Valley. I am delighted to be able to put pen to paper and make it happen.
The Tees Valley Growth Deal was announced in July and will provide £90.3 million of government funding as well as at least another £100 million of additional investment from local partners and the private sector.
Stephen Catchpole, Managing Director of Tees Valley Unlimited, the Local Enterprise Partnership for Tees Valley, said:
The signing of the Tees Valley Growth Deal is important for the area as it will support the creation of hundreds of new jobs, provide state of the art research and innovation centers as well as training opportunities for young people, who are our economic future, enable the building of new homes and improve transport links across Tees Valley all of which will help benefit businesses and residents.
The Growth Deal further empowers our local authority and private sector partners to work together to identify economic priorities and to develop investment strategies and projects at a local level.
The minister signed the deal during a tour of businesses and growth schemes in the region.
The visit began in Redcar and Cleveland where £580,000 from the government’s Coastal Communities Fund is supporting a range of projects along the seafront, including Coatham Boating Lake, Redcar Beacon, the Rock n’ Roll Diner and the town’s revitalised market. Since April 2013, the fund has supported more than 40 small enterprises and start-up businesses, and helped more than 50 people enter employment through new jobs and apprenticeships.
On Stockton’s high street Ms Mordaunt saw first hand how the Town Team has helped drive a £38 million rejuvenation of the town centre, which includes a central focal point with new seating, grass and a water feature as well as a dedicated space for the regular market.
At Darlington’s newly completed Tees Valley Business Growth Hub the minister saw how £6.3 million of government funding has helped create 3,200 square metres of high quality office space for small and medium enterprises. The project will see the creation of at least 25 new businesses and 350 new jobs within its first 15 years.
The official signing ceremony of the Growth Deal took place at the Tees Valley Unlimited Local Enterprise Partnership’s offices in Stockton.
The Tees Valley Business Growth Hub is located on the Tees Valley Enterprise Zone site. It has been made possible by a £3.3 million grant from the European Regional Development Fund.