A ten-year vision to transform the Tees Valley region with thousands of new long-term jobs and more investment is on track.
Figures show 10,671 direct jobs and more than £900million have been added to the Tees Valley economy since the Investment Plan was agreed and launched by the Combined Authority in 2019.
The original 2019-2029 Investment Plan set out how to invest £588million over the course of a decade to create jobs, drive economic growth and transform the region.
Since then, the Combined Authority has seen its Investment Plan rise to £1.6billion as more powers and funding have been handed down from Central Government.
A paper presented to December’s Cabinet meeting shows 10,671 direct jobs and 7,096 indirect jobs have been created in the Tees Valley since the 2019 Investment Plan launch – with £1.48billion total GVA (Gross Value Added), a recognised measure of economic activity.
Targets for the plan were enshrined in the Strategic Economic Plan which sets out to add £2.8billion to the region’s economy and create 25,000 jobs by 2026.
Tees Valley Mayor Ben Houchen said: “These figures are black and white evidence of the massive impact we’re making in Teesside, Darlington and Hartlepool.
“Game-changing projects like Teesworks are already changing our job market for the better – and the decisive action we have taken on transport, jobs and major investments has put us right on track to hit our goals.
“We’re laid the foundations – but I’m under absolutely no illusions about how much work we’ve got left to do. “
“We’ve got a huge task ahead of us to get the skills needed into thousands upon thousands of our people – and we’re serious about getting as many people as possible access to the thousands of jobs we’re creating.
“I’m determined to see the job through.”
Figures to be presented to today’s Cabinet meeting also show the Tees Valley economy grew by 9% in real terms between 2014 and 2022, compared with a 6% increase between 2006 and 2014.
Image credit: Tees Valley Combined Authority
