News > £588million Investment Plan To Transform Tees Valley Approved
Tees Valley Combined Authority | Published on: 24th January 2019
A ten-year plan to transform the economy of the Tees Valley has been approved by the Tees Valley Mayor and the Leaders of the region’s five councils today (24 January).
The Tees Valley Combined Authority’s refreshed investment plan outlines how £588million worth of spending between 2019-2029 will support the creation of 16,785 jobs and an additional £1.48billion to the area’s economic output.
The Tees Valley Investment Plan sets out how our economy will be transformed through major investments across six key themes including: transport; education, employment and skills; business growth; culture and tourism; research, development and innovation; investment in our towns and communities.
It outlines how £146.5million will be used to support business growth and unlock sites for development. This includes the purchase of the majority of developable land at the South Tees Development Corporation site.
The investment plan, which supports the delivery of the Combined Authority’s Strategic Economic Plan and was first launched in March 2017, includes £20million for a major transformational project based in each of the five Local Authority boroughs, and an Indigenous Growth Fund of £50million to improve and revitalise towns and communities.
And it approves the Combined Authority’s purchase, from Peel Holdings Limited, of 89% shareholding in Durham Tees Valley Airport and an adjacent piece of land with planning permission for 350 homes for a total of £40million. The Mayor today confirmed that the proposed housing development will not progress.
Tees Valley Mayor Ben Houchen and each of the five Local Authority Leaders voted to support the refreshed investment plan at a specially convened meeting of the Combined Authority’s Cabinet, in Middlesbrough, today.
Mayor Houchen said: “Today’s vote is of huge significance to the people of the Tees Valley. This highly aspirational investment plan that rejects defeatist inaction and outlines how we will use hundreds of millions of pounds from central government to transform our economy, create thousands of jobs, and raise our game on the UK and world stage.
“It will transform people’s lives by promoting growth and opportunity for the people who live and work in the Tees Valley, and giving us a clear pathway to attract investors, support business growth and innovation, improve our creaking transport infrastructure, and invest in our schools, colleges and teachers.
“The People’s Airport and the South Tees Development Corporation that I lead have crucially important roles to play in firing up our economy. The investment plan secures the future of our airport and our plans to develop and make it a success, as well as approves the acquisition of the majority of developable land at the South Tees Development Corporation site, which in itself is the single biggest regeneration opportunity in the UK.
“The investment plan is the culmination of years of work with the five boroughs and our business leaders on the Local Enterprise Partnership. Together, we have sought to prioritise the activities which will transform Tees Valley. I would like to put on record my sincere thanks for the endorsement of the investment plan by the five Leaders of the Local Authorities today.
“We’re working closely for the good of the region to achieve our collective vision of a high-growth, high-wage, low welfare economy. The investment plan will also help us to achieve a thriving distinctive cultural sector and visitor economy, and promote Tees Valley as the great place we know it is to live, work, invest and visit.”
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