Sectors - Commercial

£190M Tees Valley Growth Deal signed

Minister Penny Mordaunt signs Tess Valley Growth Deal funding package.

The Tees Valley economy will be boosted following the signing of a £190M funding package delivered as part of the Tees Valley Growth Deal.

The funding package is expected to deliver 1,500 new homes in the area, create 1,000 jobs and strengthen the transport links for residents, businesses and visitors to the area.

The Tees Valley Growth Deal is part of a major £12Bn Government programme to revitalise local economies and includes:

  • A £12M transport package improving road access to several key business locations including the Tees Valley Airport and the Central Park enterprise zone site.
  • A £5.8M boost to the Tees Valley Business Growth Hub which will ensure businesses can get the right advice and support to help them expand
  • A £3M package to allow 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 £90.3M of government funding as well as at least another £100M 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 Tees Valley Growth Deal was signed by Minister Penny Mordant during a tour of businesses and growth schemes in the region.

First stop on the tour was Redcar and Cleveland where the Government’s Coastal Communities Fund has provided £580,000 to support the range of projects along the seafront. This has aided Coatham Boating Lake, Redcar Beacon, the Rock n’ Roll Diner and the towns revitalised market. The fund has supported over 40 small enterprises and start-up businesses since April 2013. More than 50 people have also been able to enter employment due to the new jobs and apprenticeships created through the funds support.

Ms Mordaunt then saw first hand how the Town Team on Stockton’s high street has helped a £38M rejuvenation of the town centre. This project included a central focal point with new seating, grassed area and a water feature and a dedicated space for the regular market in the town.

Finally the Minister visited the newly completed Tees Valley Business Growth Hub in Darlington where £6.3M of Government funding has helped small to medium enterprises by creating 3,200sq m of high-quality office space. It is expected that the Tees Valley Business Growth Hub will see the creation of at least 25 new businesses and 350 new jobs within the first 15 years.

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