Corporate Finance Partner, Steve Plaskitt, attended the launch of the North East Strategic Economic Plan today at The Hilton Hotel in Gateshead on 10th March 2017.
The launch, by the North East LEP, aimed to bring a cohesive strategy to the growth of jobs and investment in the North East local authorities area of Northumberland, Durham, Newcastle/Gateshead, Tyneside and Sunderland.
The aim was to achieve 100,000 more jobs in the region and the great news for the construction industry was that Andrew Hodgson (Chair of the north East LEP) announced that it would be “infrastructure that would grow skills.”
Two of the six ways to deliver the growth of the Strategic Economic Plan are as follows:
- Economic Assets and Infrastructure: including a commitment to “supply the right land and develop our critical infrastructure and sites to support the growth of our industrial strength.” The International Advanced Manufacturing Park planned for Sunderland is a great example of this with over 5,000 jobs expected to be created.
- Connectivity: “developing and implementing the regional transport plan” which includes improving road links such as:
- A69: Making a continuous road flow around Hexham and Corbridge, instead of the roundabouts that currently slow traffic; and
- A1: Road widening between Newcastle and Berwick upon Tweed – which is thought to be particularly more likely now that the Chair of Transport for the North, John Cridland, now lives at Berwick.
All of this is great news for the North East construction industry and the continued development of infrastructure will provide building contracts through to 2024.
For further advice, please contact Steve Plaskitt.