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Private sector development needed to boost growth say NECC

The North East Chamber of Commerce (NECC) believes that private sector development can catalyse the region’s economy, but only if it gets the right support mechanisms in place.

As public sector development begins to disappear in the region, NECC chief executive James Ramsbotham is calling on private developers to step in and invest in crucial projects to create jobs, support supply chains and maintain vital skills.

Mr Ramsbotham commented: “The publicly-funded, multi-million-pound developments that the North East has witnessed in recent years are now largely behind us.”

“We need private sector-led investment to drive future growth and to light a fire under the construction sector.

He stressed that developments such as the Banks Group’s newly unveiled plan for the Mount Oswald site in Durham is an example of a project in need of decisive backing.

The site focuses on executive housing, but will also provide accommodation for students from Van Mildert College nearby.

Mr Ramsbotham believes the development is a perfect example of the type of development needed in the North East.

He continued: “The downturn and the subsequent austerity measures introduced by the coalition Government have hit the North East construction sector particularly hard.

“We cannot risk losing the skills that have taken generations to develop and we cannot underestimate the wider benefits that construction projects bring to the region.

“It is essential, therefore, that councilors and planning officials do all that they can to back developments such as Mount Oswald and bring them to construction as swiftly as possible.”

The development would provide many job opportunities for local people, and would provide a tangible boost to the local and regional economies.

My Ramsbotham concluded: “We believe our proposal very much fits in with the local authority’s vision for the city’s future, and we will be actively engaging with all interested parties over the coming months to get their views and ideas about what we’re proposing for this important location.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .