£120 million boost for local business infrastructure
Communities Secretary Eric Pickles today (22 April 2014) announced a £120 million infrastructure investment plan to bring businesses and jobs to the Sheffield area on a visit to the local enterprise zone.
Eric Pickles visited Markham Vale as cabinet ministers explained how the government’s long-term economic plan will start delivering more than 200 infrastructure projects this year.
The Sheffield Enterprise Zone will turn £25 million of government funding into £94 million more of private sector investment so they can lay down the infrastructure needed for its sites at Markham Vale and Rotherham to attract new businesses to the area.
Part of the government money – £14 million – will transform the site at Markham Vale, where 3 coal pits previously stood. The enterprise zone can now expand its business park plans by 81 acres, widen Erin Road, put in place utility infrastructure and construct 100,000 square feet of new industrial buildings. When complete the site will have capacity to bring an estimated 2,100 jobs by 2022.
£11 million will be used to expand Rotherham’s advanced manufacturing hub by building essential infrastructure foundations for Harworth Estates’ 740 acre Waverley regeneration scheme – Yorkshire’s largest ever brownfield redevelopment. Already home to world-class manufacturers like Boeing and Rolls-Royce, the Advanced Manufacturing Park will eventually employ 3,500 workers – with 300 of those new jobs expected onsite by 2015.
This is part of £36 billion of public and private investment that could support over 150,000 jobs in construction this year and many thousands more in other sectors following completion.
Eric Pickles said:
“This enterprise zone is a great example of how our economic plan is rebalancing the economy and transforming once dormant industrial sites into job creators once again.
Today’s cash injection will help the enterprise zone pull in over 3 times as much in private sector investment, giving it the essential foundations to grow, create jobs for local people and continue the area’s proud manufacturing tradition.”
The government is investing to ensure that all enterprise zones can complete critical ‘nuts and bolts’ infrastructure work that is needed to turn old industrial sites into prime economic land that can attract new businesses and job opportunities.
James Newman, Chairman of the Sheffield City Region LEP, said:
“This £25 million investment will help to further enhance the Sheffield City Region Enterprise Zone’s status as the UK’s number 1 place for modern manufacturing and technology.
“Our continued investment in vital infrastructure, like roads and drains, is helping to bring interest from new investors, which means more jobs and more economic growth in the Sheffield city region.
“Since the launch of our enterprise zone in 2012, 18 new companies have located to our enterprise zone with 345 jobs already created on site and around 300 set to be created in the coming months.
“Businesses have been attracted to join our modern manufacturing and technology community which offers outstanding transport connectivity, a highly-skilled talent pool and the best UK government tax incentives available.”