A ten-year vision to transform our 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 Friday's
Cabinet meeting (20 December) 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.
