Refreshed investment plan to bring over 16,000 jobs to Tees Valley

A 10-year plan to transform the Tees Valley by investing millions in the area’s economy and creating thousands of jobs has received the greenlight.

Mayor Ben Houchen and the Leaders of the region’s five councils have today (January 24) approved Tees Valley Combined Authority’s refreshed Investment Plan, which outlines how £588m of spending up to 2029 will help stimulate 16,785 new jobs and boost the area’s economic output by £1.48bn.

It sets out a strategy for transforming the area across six core themes: transport; business growth; employment and skills; culture and tourism; research, development and innovation; education; and investment in towns and communities.

The plan outlines how £146.5m will support business growth and unlock sites for development, including the purchase of most of the workable land available at the South Tees Development Corporation site.

The Investment Plan, first launched in March 2017, includes £20m for what the Combined Authority called a “major transformational project” in each of the five local authority boroughs, along with an Indigenous Growth Fund of £50m for improving and revitalising towns and communities.

It also approves the Combined Authority’s purchase of an 89% stake in Durham Tees Valley Airport and an adjacent piece of land from Peel Holdings Limited for £40m.

The land had planning consent in place for 350 homes, although Mayor Houchen confirmed the proposed housing development will not move forward.