Tees Valley Combined Authority has announced that the region will benefit from a new Investment Zone, aimed at ‘unleashing’ the strengths of digital and creative companies.
Confirmed by the Government and Tees Valley Combined Authority, the new Investment Zone will be supported by £160 million of government funding to increase inward investment across the region. Alongside this, productivity and jobs will be boosted across the digital and creative technology sectors.
The Tees Valley region is already home to world-leading digital and creative companies, with this Investment Zone set to use that strength as a platform to develop the infrastructure, skills and workforce, business support, planning, and research to drive innovation and investment. A large part of this project will be the 2,000+ jobs and £175 million of investment that is expected to be unlocked.
Ben Houchen, Mayor of the Tees Valley, commented:
“Teesside is a powerhouse on the country’s digital scene and we’re proud of the global leaders we have in the gaming and creative industries.
“I’m delighted the Government has given us the green light on our Investment Zone to supercharge our digital and creative potential, and really put a fire under our ambitions.
“Ultimately, it will mean people in Teesside, Darlington and Hartlepool will be able to take on well-paid jobs in cutting-edge industries close to home, rather than moving away to Manchester or London. We’ll foster our talent here and create places to ensure that talent has even more reason to stay.
“This is another massive boost which will bring thousands more jobs for local people and the knock-on benefits of injecting hundreds of millions of pounds into our economy.”
The proposals for the Investment Zone were developed by the Mayor and the Combined Authority, alongside Teesside University and the Tees Valley Business Board which will continue to engage with businesses and ensure that the zone is business-led.
All sectors, including the public sector, benefit from the digitisation that digital and creative industries allow as they provide specialist support to businesses, supporting productivity improvements, job creation, and transformation for communities.
Image credit: iStock
