Tees Valley Combined Authority has agreed to incorporate the first £80 million of Investment Zone funding into its regional investment plan, supporting digital and creative industries in Middlesbrough and Hartlepool.
The decision follows the region's selection for Investment Zone status in 2023 and forms the first half of a £160 million government commitment. The programme is intended to support business growth, research, skills and development sites over ten years.
Proposals include redeveloping vacant retail buildings in Middlesbrough for digital businesses and extending film and television production facilities at the Northern Studios in Hartlepool. The funding plan also identifies £29 million for business support and £11.6 million for research and innovation.
Teesside University is the programme's knowledge anchor, supporting connections between researchers, employers and the regional digital economy. The Combined Authority anticipates that the Investment Zone could support more than 2,000 jobs and attract £175 million of additional investment, although these remain forecast outcomes.
The allocation sets out initial investment priorities across sites, research and business support. Tracking individual approvals and implementation will be necessary to distinguish the regional funding plan from activity delivered through it.