The Infinity Bridge, Stockton on Tees
Tees Valley is an area which exceeds expectations: ‘It is clear that the economic picture in the Tees Valley is altogether more positive than perceptions drawn from the media.’ Lord Heseltine Report (2016)
With a £12.3 billion economy and world class expertise and critical mass in chemicals, energy, health innovation and advanced manufacturing, Tees Valley already makes a major contribution to the UK economy. Previous investment has ensured that Tees Valley is equipped for the future:
Highly productive region
Overall GVA is low but GVA¹ per employee in the production sector (£86,000 in 2014), is well above the Local Enterprise Partnership (LEP) average (£76,800) and other major LEP geographies such as Leeds, Manchester and Birmingham.
Highly innovative region
The fourth highest proportion of businesses undertaking product or service innovation in the UK.
Export intensive region
Part of the only continuous net exporting region of goods in the UK with additional opportunities to pursue.
Region with growth potential to be unlocked
Third place in the UK for business expansion of existing companies and business start-up rates continue to outperform the UK average. However, there is a need to develop more indigenous SMEs with high growth ambition and to attract more Foreign Direct Investment in priority sectors.
Covering over 3,300 square miles and located on the North East coast, Tees Valley comprises five local authority areas including: Darlington, Stockton on Tees, Hartlepool, Middlesbrough, and Redcar and Cleveland.
As a major town with a growing service industry, Stockton on Tees is home to Teesdale Business Park and a campus of Durham University. Middlesbrough is located close to Teesport and is the home of the University of Teesside.
Darlington, a market town, with its position on the East Coast mainline, provides the principal gateway rail station for Tees Valley as well as Durham Tees Valley airport.
Redcar and Cleveland, which contains the coastal town of Redcar, is historically associated with the steel and chemicals industry and has the third largest population.
Hartlepool is the home to Hartlepool Dock and has strong historic links to the maritime industry.
Tees Valley Combined Authority
The Tees Valley Combined Authority was created in April 2016 and has new powers related to (Adult) Education, Housing and Regeneration and Transport. It also has the power to set up new delivery mechanisms (such as the Mayoral Development Corporation) and to utilise new funding sources (through the Single Pot) in order to maximise the opportunities identified in Lord Heseltine’s report on Tees Valley and the Northern Powerhouse ambitions. Tees Valley has long championed the case for low carbon approaches to production as a means of meeting carbon reduction targets and improving long term competitiveness. This approach has now been fully incorporated into UK policy on the circular economy as a means of mitigating wastage, local sourcing of materials and enhancing productivity.
There are a wide range of cost-effective sites and premises across Tees Valley, with 12 Enterprise Zones totalling 423 hectares and providing a range of financial incentives to companies choosing to locate in the region, as well as simplified planning and super-fast broadband. The list of enterprise zones includes:
Business Rate Relief Enterprise Zones:
Enhanced Capital Allowance Enterprise Zone Sites:
For more information visit www.teesvalley-ca.gov.uk