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Exciting Times Ahead for County Durham with North East Devolution Deal
County Durham is on the brink of a new era of prosperity, with the North East devolution deal paving the way for exciting opportunities in the region. The North East Combined Authority is set to come into being from May 2024, and County Durham is already reaping the benefits of joining this transformative deal.
NETPark: A Key Player in the Investment Zone
The North East Technology Park (NETPark) at Sedgefield is set to play a pivotal role in the regional Investment Zone, following an announcement in January that earmarked £160m of funding over the next decade. This funding is expected to unlock significant private sector investment, creating up to 4,000 new jobs in the region.
Accelerated Growth for NETPark and Aykley Heads
NETPark, which is currently undergoing a £62m expansion, will receive a further boost as one of only two Growth Sites in the region. This designation will provide access to crucial funding for skills, research, and capital investment, driving growth and innovation in the area. Additionally, Aykley Heads will become part of a new Durham Innovation District, with plans to redevelop the site in partnership with Durham University.
County Durham’s Cultural and Tourism Portfolio
With a rich cultural heritage and thriving tourism industry, County Durham is poised to take center stage in the new North East Combined Authority. The county’s interim portfolio of culture, creative, tourism, and sport reflects its status as the ‘Culture County,’ with a visitor economy worth over £1 billion in 2022.
A Bright Future for the North East
The new combined authority, led by seven council leaders across the North East, will oversee a £4.2bn investment package aimed at driving economic growth, improving skills development, enhancing transportation systems, and promoting housing and regeneration. Devolution is expected to create 24,000 jobs and unlock £5bn in private sector investment, marking a transformative and historic moment for the region.
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