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Stockton-on-Tees is one of the fastest growing economies in the North East

Stockton had one of the fastest growing economies in the North East over the last year, according to new figures from RBS.

The RBS Growth Tracker’s quarter two data shows the Borough experienced economic growth of above three per cent year-on-year.

RBS economist Marcus Wright said: “Northumberland and Hartlepool & Stockton-on-Tees were the fastest growing areas in the region over the past 12 months.

“These regions benefited in particular from growth in business services and distribution and transport.”

Stockton Council’s Leader, Councillor Bob Cook, said: “Economic growth is TVU’s main reason for being and this is another positive sign of the great work it is doing.

“Our Local Enterprise Partnership is achieving successes on a range of fronts, securing investment for everything from business expansions to apprenticeships.

“Tees Valley’s Enterprise Zones are thriving and offer a range of incentives that attract major investment and encourage business growth – just look at the Belasis Business Park Enterprise Zone in Billingham where Tracerco and Phusion are expanding. Meanwhile at the New Energy & Technology Park Enterprise Zone Air Products is building the largest advanced gasification renewable energy facility in the world.

“Then there’s the Regional Growth Fund, through which Tees Valley businesses have secured almost £187million. The first round submissions saw Tees Valley secure almost 10 per cent of the £270million granted by the Government despite us only having one per cent of the country’s population!

“One Regional Growth Fund-supported project – TVU’s Jobs and Skills Investment Scheme – celebrated the creation of its 500th job earlier this year. All of these things, combined with our can-do attitude, make Tees Valley a superb place to do business and are enabling us to build a more prosperous future for the area.”

This was posted in Bdaily's Members' News section by Ellen Forster .