A ten-year plan to transform the economy of the Tees Valley has been approved by the Tees Valley Mayor and the Leaders of the region’s five councils today (24 January).

The Tees Valley Combined Authority’s refreshed investment plan outlines how £588million worth of spending between 2019-2029 will support the creation of 16,785 jobs and an additional £1.48billion to the area’s economic output.

The Tees Valley Investment Plan sets out how our economy will be transformed through major investments across six key themes including: transport; education, employment and skills; business growth; culture and tourism; research, development and innovation; investment in our towns and communities.

It outlines how £146.5million will be used to support business growth and unlock sites for development. This includes the purchase of the majority of developable land at the South Tees Development Corporation site.

The investment plan, which supports the delivery of the Combined Authority’s Strategic Economic Plan and was first launched in March 2017, includes £20million for a major transformational project based in each of the five Local Authority boroughs, and an Indigenous Growth Fund of £50million to improve and revitalise towns and communities.

And it approves the Combined Authority’s purchase, from Peel Holdings Limited, of 89% shareholding in Teesside International Airport and an adjacent piece of land with planning permission for 350 homes for a total of £40million. The Mayor today confirmed that the proposed housing development will not progress.

Tees Valley Mayor Ben Houchen and each of the five Local Authority Leaders voted to support the refreshed investment plan at a specially convened meeting of the Combined Authority’s Cabinet, in Middlesbrough, today.