Stockton had one of the fastest growing economies in the North East over the last year, new figures from RBS have revealed.
The RBS Growth Tracker’s quarter two data shows the Borough experienced economic growth of above three per cent year-on-year.
RBS economist Marcus Wright said: “Northumberland and Hartlepool & Stockton-on-Tees were the fastest growing areas in the region over the past 12 months.
“These regions benefitted in particular from growth in business services and distribution and transport.”
Stockton Council’s Leader, Councillor Bob Cook, attributes much of this success to the partnership working between the Council, businesses and investors, and Tees Valley Unlimited (TVU), the area’s Local Enterprise Partnership.
“Economic growth is TVU’s main reason for being and this is another positive sign of the great work it is doing,” he said. “Our Local Enterprise Partnership is achieving successes on a range of fronts, securing investment for everything from business expansions to apprenticeships.
“Tees Valley’s Enterprise Zones are thriving and offer a range of incentives that attract major investment and encourage business growth – just look at the Belasis Business Park Enterprise Zone in Billingham where Tracerco and Phusion are expanding. Meanwhile at the New Energy & Technology Park Enterprise Zone Air Products is building the largest advanced gasification renewable energy facility in the world.
“Then there’s the Regional Growth Fund, through which Tees Valley businesses have secured almost £187million. The first round submissions saw Tees Valley secure almost 10 per cent of the £270million granted by the Government despite us only having one per cent of the country’s population!
“One Regional Growth Fund-supported project – TVU’s Jobs and Skills Investment Scheme – celebrated the creation of its 500th job earlier this year. All of these things, combined with our can-do attitude, make Tees Valley a superb place to do business and are enabling us to build a more prosperous future for the area.”
Just last week research published in the Daily Telegraph rated Stockton the sixth best place to live in England and Wales, one of the categories contributing to this rating was economic activity. Meanwhile, the Manpower Group found Stockton-on-Tees workers to earn, on average, more than anywhere else in the North-East.
Last year, Stockton was named among the top 10 per cent of places in the UK to do business with the Borough’s outstanding environment, business infrastructure and strong skills base being highlighted in a national survey by The MJ (The Municipal Journal) and Local Futures Group.