A transformative package of proposals to create 2,000 skilled jobs, regenerate key town centre sites and help Tees Valley become a global powerhouse in digital and creative industries has been agreed.
The region was selected as the location for an Investment Zone in 2023 and has now been allocated the first £80million as part of an overall £160million investment.
The zone will increase inward investment, productivity and jobs in digital, creative and technology sectors while supporting the growth of world-leading companies in two cluster areas of Middlesbrough and Hartlepool.
It is primed to create more than 2,000 jobs and unlock a further £175million of investment in the next decade.
Tees Valley Combined Authority Cabinet voted on Friday (March 28) to accept the Tees Valley Investment Zone into the TVCA Investment Plan with a confirmed allocation of £80m.
The proposals include:
- Redeveloping House of Fraser in Middlesbrough into a high-quality business and innovation space for the digital sector – £10m indicative allocation
- Redevelopment of the Marks & Spencer building in Middlesbrough to support digital and creative sector growth - £3m indicative allocation
- Expansion of the Northern Studios in Hartlepool to support the creative industries growth – £15m indicative allocation
- Funding to develop and support improvements to digital capability and capacity in the key IZ cluster areas of Middlesbrough and Hartlepool – £3.5m allocation
A total of £29million will be invested in business support to help key sector businesses grow while a further £11.6m will fund research and innovation.
An additional £2.6million will be spent tackling crime in cluster areas, which can be a key barrier to economic growth and private sector investment.
Tees Valley Mayor Ben Houchen said: “Teesside is now at the centre of the UK’s creative and digital sectors, renowned for its growing excellence in areas such as gaming, film production and AI.
“We take pride in being home to global leaders in these fields, showcasing the region’s innovative spirit and potential.
“This Investment Zone is a huge step in enabling us to accelerate growth in the digital and creative sectors. This initiative will ignite our ambitions and provide resources to expand this industry, and position Teesside as a global leader.
“This promises well-paid jobs in cutting-edge industries, allowing people to build careers close to home. By retaining local talent, we’ll drive economic growth and secure a brighter future for Teesside, Darlington and Hartlepool.”
Image credit: Tees Valley Combined Authority
