£588 million investment agreed for Tees Valley

Tees Valley Mayor Ben Houchen and the leaders of the region’s five councils have approved a ten-year plan to transform the economy of the Tees Valley region.

The Tees Valley Combined Authority’s refreshed investment plan outlines how £588 million worth of spending between 2019-2029 will support the creation of 16,785 jobs and an additional £1.48 billion to the area’s economic output. This will be delivered across six key themes, including transport; education, employment and skills; business growth; culture and tourism; research, development and innovation and investment in our towns and communities.

It outlines how £146.5 million will be used to support business growth and unlock sites for development, including the purchase of the majority of developable land at the South Tees Development Corporation site. It also outlines £20 million for a major transformational project based in each of the five local authority boroughs, and an Indigenous Growth Fund of £50 million to improve and revitalise towns and communities.

Houchen said: “This highly aspirational investment plan 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 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.”