In August 2017 the South Tees Development Corporation was officially launched by Prime Minister Theresa May. The 4,500 acre development area represents an international-scale opportunity to attract investors and improve the economy in what is the single biggest development opportunity in the UK. Chaired by Tees Valley Mayor, Ben Houchen, there is a 25-year plan to create 20,000 new, good-quality jobs.
- The first Mayoral Development Corporation to be set up outside of Greater London.
- £123 million of new money secured from Government to prepare the site for private investment.
- 25-year vision to create 20,000 jobs and an additional £1 billion a year into the local economy.
- 97 investor inquiries from global companies wanting to base themselves on site.
- A key part of the Government’s Industrial Strategy