The economy in Stockton is getting stronger. The Borough is benefiting from major new shopping (Wellington Square), Leisure (Splash), and Transport (1825 Way and Millennium Footbridge infrastructure). Office rental values are regionally now second only to those in Newcastle, while retail zone yields are comparable to the sub region shopping centre in Middlesbrough. More major new development proposals are coming forward for the Town Centres in Billingham, Thornaby and Stockton where we will see a mixture of redevelopment and refurbishment providing modern shopping facilities for residents throughout the Borough. Along the riverside in Stockton, the North Shore Development Scheme will bring forward a mixture of office, residential and leisure use, linking through to the Town Centre, and also providing a major iconic footbridge to link the North Shore site to the existing University Campus on the southern side of the river.
Further riverside developments are planned at the Southern end of Stockton Town Centre, focussed on the new Southern Gateway proposals. Over the next 10 years this will provide a mixture of office, retail and residential uses, and most importantly a significant new entrance to the town centre when approached from the South.
As a result of the developments planned around Stockton Town Centre, there will be an additional 2,000 homes, and a million square feet of commercial development over the next 10 years. As new homes are being provided, the Council is reviewing the quality of its existing housing stock and looking to extend housing choice for local people. Part of this agenda involves the demolition of large social housing estates at Mandale and Hardwick, and their replacement with new mixed tenure homes and community facilities. Similarly, at Parkfield, an area of older private housing is being regenerated with selective demolition and rebuild and environmental enhancements.
Supporting the change in the physical fabric of the Borough, the Council is also working to support new business, training, bringing in external funding, and developing opportunities for our most deprived communities.
Part of regenerating the Borough is ensuring that the economy is improved further. Unemployment in the Borough is 3.6% compared to a national average of 2.6%. In one ward, (Stockton Town Centre), unemployment is as high as 10.5%; whilst in another, (The Northern Parishes) it is as low as 0.6% (figures for January 2007). Proportionally, there are the same number of people of working age in Stockton with no qualifications as there are nationally but less than there are in the North East. 16% of the working age population in Stockton are in receipt of "key" state benefits compared to 18.8% in the Tees Valley and 13% nationally.
