Regeneration leaders have set their sights on creating 25,000 new jobs in the Teesside over the next 10 years.
The ambitious target has been announced by Tees Valley Unlimited, the local enterprise partnership for Teesside, as it revealed its latest annual report.
TVU has supported more than £630m of investment and 4,000 jobs since April 2011, according to the partnership’s annual report.
The report lists a string of hefty achievements, including securing £22m direct investment and £151m of supported investment and 160 firms have been supported.
Sandy Anderson, OBE, TVU Chairman, said: “With much valued support from our partners both public and private sector, our Annual Report reflects a year of strong performance.”
Looking ahead, TVU and its partners and stakeholders are spearheading development plans and initiatives to help attract more companies to the area, to enable indigenous firms to grow and win more businesses and to improve the infrastructure of Teesside and the Tees Valley.
Another priority is ensuring the region’s voice is heard by key influencers and decision-makers in central Government.
Stephen Catchpole, TVU managing director, said the latest annual report demonstrates that the LEP is continuing to deliver on the commitments made to the area, its businesses and residents.
He said: “Through collaboration and partnership, we are establishing an environment where businesses can grow, take on more staff, win contracts and expand and/or improve their offering of goods or services,” he said.
“This year has seen several innovations and milestones including the pioneering Tees Valley Jobs and Investment Scheme, which is helping create hundreds of jobs.”
Catchpole accepts that as Teesside recovers from the recession at a slower pace than London and the South East, “the future is still going to be hard work”.
But he added: “We intend to build on the achievements outlined in our annual report during the coming years.”
Next on the agenda is creating 25,000 jobs and £1bn extra economic growth by 2025.
This will focus on core objectives comprising support, innovation and sector development; developing the workforce, developing and providing infrastructure and attracting and retaining wealth.
Between April 2013 and March 2014 the following achievements have been secured:
- £22m Direct Investment
- £151m Supported Investment
- 1,288 Jobs
- £53m from Regional Growth Fund (RGF) Rounds 4 and 5
- Eight Projects on the Enterprise Zone
- 160 Companies Supported
- More than 900 Business Engagement Contacts
- 40 Government and Parliamentary Consultations
The following schemes have been launched:
- £10m Tees Valley Catalyst Fund, the first fund of its kind in the UK
- Tees Valley Business Compass with the support of £2.3m RGF grant
- £7m Jobs & Investment Scheme, which is on course to create 700 job
- Developed the 10-year Tees Valley Strategic Economic Plan
- Signed the Tees Valley City Deal supporting Industrial Carbon Capture & Storage
- Co-ordinated £4.5m Local Sustainable Transport Fund Rail Improvements including the new James Cook University Hospital Station
Since its Partnership Business Plan was published in April 2011, TVU has:
- Supported more than £630m of investment and 4,000 jobs
- Secured £76m to deliver strategic priorities
- Attracted 13 companies to the Enterprise Zone, 700 jobs
- Supported £26m from the European Regional Development Fund (ERDF)