The government is continuing to improve employment ratings in the UK by ploughing £14 million into redeveloping a manufacturing site in Tees Valley – a move that will create 500 jobs for the area.
Earlier this week, Northern Powerhouse Minister Jake Berry revealed plans to transform the South Tees Development Corporation site, which used to be the location of the former Redcar steel works.
This latest funding will bring the total investment in the site to £137 billion, which will be used to create new roads, roundabouts, construction utilities, and commercial premises.
MP Jake Berry stated it will create a “stronger, more resilient economy in the Tees Valley and across the Northern Powerhouse”.
“Our investment of £14 million into this site will help transform this derelict piece of land into a burgeoning new industrial quarter, which is expected to create 500 new jobs and attract an extra half a billion pounds of private investment,” Mr Berry commented.
The land will be redeveloped over a period of five years, encouraging growth and economic prosperity, and boosting job availability.
Chairman of the South Tees Development Corporation and Tees Valley Mayor Ben Houchen added that schemes such as these generate “hundreds of quality jobs for local people”.
The government is on a drive to keep the employment rate growing, as it is currently at its joint-highest level since records began. According to the most recent Labour Force Survey, the employment rate for the UK is 75.7 per cent, with 32.48 million people in work between August and October 2018.
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