£71m New Funding Will Boost Teesside Economy

The UK Government has today announced £71 million new funding towards ambitious local plans to turn the former site of the SSI Steelworks in Redcar into a huge business zone, home to world-leading clean energy, manufacturing and tech companies.

Since the steelworks went into liquidation in 2015, it has been a local priority to create a new role for the site, and the wider 4,500-acre South Tees Development Corporation area, to become a key driver of economic growth in the North East.

The area is one of the largest redevelopment opportunities in the country, and the Development Corporation plans to develop it into a business park, attracting companies from a range of industries and creating thousands of jobs once the area is fully developed.

The funding announced today will support work demolishing old buildings and preparing the site for redevelopment to attract new businesses and investment. It will also help the Development Corporation secure some of the land to ensure the whole area can then be regenerated.

Commenting, CECA North East Director Stuart Miller said: “This new funding is superb news for the North East.

“Our members tell us that the South Tees Development Corporation is an important client for regional contractors. Reinvigorating the key industrial site will create jobs and boost the local economy.

“As the UK looks to its future outside the European Union, the North East’s infrastructure sector is primed to deliver on the projects that will drive economic growth, boost connectivity, and create jobs.

“Today’s announcement is a welcome first step towards rebalancing the North East’s economy for the 2020s.”