A REGENERATION agency says its successes are down to the links it has forged in areas such as Hartlepool.
Tees Valley Unlimited has detailed a round-up of its achievements including the arrival of firms on the town’s enterprise zone and town companies securing money from the Regional Growth Fund.
It’s leadership board chairman, Sandy Anderson, said none of it would have been possible without backing from councils including Hartlepool.
He said: “This collaborative working with the support of stakeholders across the private, public and voluntary sectors in Darlington, Hartlepool, Middlesbrough, Redcar and Cleveland and Stockton has been the bedrock of our success so far.
“We are committed to further widening and improving the relationships we have with businesses, government and partner organisations to increase our ability to remove barriers and encourage economic growth.”
Economic progress made includes:
l Since April 2011, TVU has directly supported projects to secure a total of over £367m capital expenditure to the Tees Valley;
l £16m Regional Growth Fund (RGF) finance has so far been released into Tees Valley leveraging in an additional £153.9m capital expenditure and securing 2,411 jobs;
l Two RGF projects have been completed – the new Nifco factory taking the company into the electric vehicle battery market and a workforce development scheme at SSI Redcar. These involve more than 1,200 jobs;
l Five RGF projects are underway at AV Dawson, Lotte Chemical UK, Cummins, Hunstman Tioxide and Darchem, which will create or safeguard more than 1,200 jobs;
l Five companies have located on to the Tees Valley Enterprise Zone –Omega Plastics, Propipe Limited, Air Products, Traceco and Durable Technologies. This represents a total investment of £200m creating 111 jobs;
l Since 2007, the TVU Partnership has secured more than £23m of European Regional Development Funding (ERDF), leveraging an additional £25m match funding.
This will create 1,460 jobs, safeguard a further 915 jobs and create or attract 277 businesses to the area.
A further nine projects have been selected onto the programme and are currently developing full applications with the potential to secure £17m ERDF and £22m match funding. The Tees Valley LEP has directly supported two-thirds of this investment.
Mr Anderson added: “Our strategies have moved to delivery phase and this overview demonstrates results are starting to be seen.
“With the support of our partners, we are committed to creating an environment that encourages sustainable economic growth and long-term prosperity allied with transforming Tees Valley into a high value, low carbon, more diversified economy. ”