It will form the first part of a new 10-year school multi-wave modernisation plan and kick-starts wider plans to speed up the Government’s infrastructure spending plan designed to revive the economy.
The projects that have secured funding will be confirmed in the autumn, and construction on the first sites will begin from September 2021.
Also the Government announced £560m will be released this year to repair crumbling schools and £200m for further education colleges.
Investment will be targeted at school buildings in the worst condition across England – including substantial investment in the North and the Midlands – as part of the Prime Minister’s plan to level up opportunity for all.
The Prime Minister said: “This major new investment will make sure our schools and colleges are fit for the future, with better facilities and brand new buildings so that every child gets a world-class education.
Rebuilding projects will be greener, helping meet the government’s net-zero target, and will focus on modern construction methods to create highly skilled jobs and boost the construction sector.
Investment in schools will be prioritised on the basis of buildings’ condition and further details of the programme, including the approach to eligibility will be confirmed following the Spending Review.
Later this year government will launch a competition for further funding to ensure that all of England is covered by Institutes of Technology, making sure everyone has the chance to gain higher technical skills and helping unlock growth across the country.
Steve Beechey, Group Strategy Director and Education lead at Wates, said: “It is this scale of commitment and focus on the next generation that will make a huge impact in boosting the economy post COVID, and enable us to deliver much needed investment into local communities across the UK.
“Long term planning is exactly what is needed to upgrade our schools estate and this decade-long initiative will deliver valuable jobs, educational facilities and community hubs in the areas that need it most.”