An extra £13.9m pounds worth of investment has been announced which will boost Teesside’s economy.
The Tees Valley Local Enterprise Partnership has agreed to an expansion to its Growth Deal with the government which will see the extra cash invested in Teesside between 2016 and 2021.
This comes after £90.3m funding was committed by the government in July last year.
The partnership estimates over the next six years, up to 5,000 new jobs could be created, safeguarded or enabled, 1,500 new homes built and that it also has the potential to generate £150m public and private investment.
This expanded deal will complement the projects already prioritsed including road schemes in Stockton and Middlesbrough, innovation schemes in Middlesbrough and skills projects in Redcar and Cleveland.
Projects include road widening and improvements at the A689 Wynyard/A19 junction; upgrading existing facilities at Cleveland College of Art and Design inclduing a new building for creative industries; specialist accommodation for an Oil and Gas Academy at Redcar and Cleveland College; road and junction improvements at Ingleby Barwick to support new housing and work to the A66/Teesside Park interchange.
MP for Redcar Ian Swales said: “Ian Swales said, “I am delighted that the government is pumping yet more money into the Tees Valley. The projects are much needed and will further enhance the infrastructure, skills and business opportunities throughout our area.
“I congratulate our Local Enterprise Partnership on their successful bid and their proactive approach to getting our area moving. This funding comes on top of Growing Places funding, the City Deal and huge investment in businesses through the Regional Growth Fund. The government is setting us up for major success in the future.”
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