STOCKTON-on-Tees is the runaway leader when it comes to its contribution to Tees Valley’s economy, new figures have revealed.
The Borough is one of five local authority areas in Tees Valley, yet it now contributes around one third of Tees Valley’s £12.8billion annual economic output.
The findings were presented to Stockton-on-Tees Borough Council’s Cabinet as part of an economic climate report recently.
Nigel Cooke, the Council’s Cabinet Member for Regeneration and Housing, said: “These figures make impressive reading and it’s fair to say that when it comes to our economic contribution, this Borough is very much the powerhouse of Tees Valley.
“We’re delighted because we pride ourselves on being a business-friendly, ‘can do’ council, and we recognise that businesses are the creators of jobs, wealth and prosperity.
“We also recognise that we’re just one part of a thriving Tees Valley, and we work very closely with our neighbouring councils and the Tees Valley Combined Authority to support economic growth.
“We’re proud to be home to some great businesses of all sizes too, from small enterprises right the way through to internationally recognised brands like Quorn Foods, Nifco, Venator, Tata and Fujifilm.
“And we work very hard to attract and support them by doing our bit to create conditions in which they can flourish and grow.
“You only need look at our Hampton by Hilton hotel to see a great example of that, because we’re building it in response to local companies telling us there isn’t enough business-focussed hotel provision in the Borough.”
He added: “These figures are based on GVA – or gross value added – which is a recognised Office for National Statistics measure of how much money an area generates through the goods it produces and the services it delivers.
“The wider context in the report was also heartening because these figures come on the back of a £400million growth in GVA in our Borough since 2011, which works out at around 11 per cent growth.”