The Humber LEP has secured an investment of £27.9m for the area from the Government’s Local Growth Fund through a third Growth Deal, the Government announced today.
The funding will support a total of eight projects across the region, including city and town centre developments, enterprise zone sites and grants for businesses. Funding will also go to developing skills and training facilities, and for improving flood defences.
The projects were selected by the LEP through an open competitive process, and were prioritised because of the contribution they will make to delivering the Humber Strategic Economic Plan.
The Humber LEP has now secured a total of £141.54m Growth Deal funding after receiving two previous investments from the Local Growth Fund, with an investment of £103.7m secured in July 2014 and one of £9.9m January 2015.
Together the three Growth Deals will support the creation of up to 12,287 new jobs, whilst enabling up to 5,500 homes to be built or refurbished. Additionally, the Growth Deal funding could bring the Humber over 62,000 new and existing properties with reduced flood-risk and attract up to £473m worth of public and private investment.
Lord Haskins, Chair of the Humber LEP said:
“I am pleased that the Humber LEP and our partners have been able to secure this additional Growth Deal funding for the benefit of our region. This third Growth Deal will support the development of our Enterprise Zone sites, which will in turn unlock private sector investment and create new jobs.
“The city and town centre investments will help to bring forward development and attract new business. The Growth Deal will also enable us to continue to invest in small businesses and in improving training facilities in the area.
“All of the projects we will now be able to support were chosen locally because of the contribution they will make to the Humber’s growth. The impact of our first Growth Deals is already being felt, so these new projects will add to the momentum.”
Councillor Stephen Parnaby OBE, Leader of East Riding of Yorkshire Council said:
“The council welcomes the Government’s announcement that the Humber LEP will receive £27.94m from the Local Growth Fund.
“The council has made two bids to the LEP, which formed part of their submission to Government, and has been told that circa £8.1 million will be allocated to these projects.
“The council can now bring forward plans to develop a multi-million-pound intermodal terminal in Goole, which will connect the town’s existing rail, sea, motorway and inland waterway links and allow businesses to seamlessly move goods from ship to road, ship to rail or ship to barge and vice versa, shortening transfer times and lessening the cost of moving goods.
“The enterprise zone site at Paull will also benefit from £6 million of investment in creating the necessary infrastructure to attract development from organisations involved in the emerging renewable energy sector.
Councillor Stephen Brady, Leader of Hull City Council said:
“This growth deal announcement for the Humber is excellent news, and shows that the area is recognised as an important part of the Northern Powerhouse.
“Hull specifically will see benefit through two projects; firstly, further protecting businesses from flooding and secondly, a project for unlocking the city centre to transition from a predominately retail and office offer into new leisure and residential uses.
“Hull continues to thrive and the latest good news announcement follows the city placing itself as a leading UK Energy City and as the UK City of Culture 2017.”
Information on each of the eight successful projects, including a Growth Deal fact sheet, is available here.