Hopes of an extra 25,000 jobs in the Tees Valley in the next 10 years have been revealed.
The prediction is made in an annual report which also tells how a £66m investment in innovation is also planned and so is a £40m injection in the area’s transport infrastructure.
While much has been achieved it is important that we continue to build on our acknowledged strengths in manufacturing and engineering and to take the opportunities to grow and diversify the area’s industrial and wider business sectorsSandy Anderson, chairman of Tees Valley Unlimited
It is all revealed in the report of the local enterprise partnership Tees Valley Unlimited (TVU).
TVU chiefs have come up with a series of visions and they include hopes for 25,000 extra jobs which would come from companies growing within the area.
The report said: “Tees Valley will be home to world leading innovation; creating new and better jobs and growth in many sectors including advanced manufacturing, process industries, digital and health care.”
Bosses say the area needs an appropriate transport infrastructure for a 21st Century economy.
It will also be home to one of the world’s best carbon efficient production and processing complexes.
There will also be a £12m investment in the workforce to give them the skills they need to handle future needs of bosses.
The strong performance by Tees Valley Unlimited has been praised by the Northern Powerhouse Minister James Wharton.
He said: “Our local economy is showing real signs of recovery.
“Unemployment is falling, investment is up and the Tees Valley LEP has played its part in securing those positive trends. We should be proud of our progress, but never complacent about our future.”
Sandy Anderson, TVU chairman, said: “That TVU has been able to make such a significant contribution to the economic development of the Tees Valley is due in no small part to very effective partnership working. This is reflected in the support the Annual Report has received from the Northern Powerhouse Minister and some of the North’s principal business leaders.
“While much has been achieved it is important that we continue to build on our acknowledged strengths in manufacturing and engineering and to take the opportunities to grow and diversify the area’s industrial and wider business sectors.”
The Annual Report focuses on the period April 2014 to March 2015 and highlights that:
l 3,836 jobs were secured.
l More than £700m private sector investment was attracted to the area.
l There was £702m supported investment.
l The Tees Valley Jobs and Skills Investment Scheme assisted more than 300 companies leading to the creation of 755 jobs.