£450m Growth Fund boosts construction projects

Grant Prior 13 years ago
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Construction received a boost today after a slew of projects were  given the go-ahead thanks to the £450m first round of the Government’s Regional Growth Fund.

Some of the cash will go towards new buildings under the funding round for 50 bids by companies and partnerships who demonstrated how they would create jobs in their local communities.

The Government expects over 27,000 jobs to be directly created and safeguarded, with close to a further 100,000 jobs in associated supply chains and local economies.

The second round of the fund opens to bids today to allocate the remainder of the £1.4bn fund.

Deputy Prime Minister Nick Clegg said: ““Today is a step towards rebalancing our economy away from an unhealthy overreliance on a small number of industries and a few areas.

“We need to spread opportunity across the whole country, drawing on our many talents. I know that with the right support these businesses can work with their communities and together play their part in leading the country back into prosperity.”

Construction schemes given funding

  • the Haribo factory’s expansion of its site near Wakefield, safeguarding the existing factory;
  • the development of a former eye hospital in Manchester into a biomedical centre of excellence
  • a new manufacturing plant on the Lotte Chemical site in Teesside to develop resins for food and drink packaging;
  • opening the Gateway to the Sheffield City Region – construction of a link road to facilitate wider housing, industrial and commercial development south of Doncaster; and
  • development of a new factory, R&D laboratory and HQ office facility for Holroyd Precision Ltd in Rochdale.

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