Enterprise zones are playing a vital role in growing the local and national economy, delivering greater prosperity to the UK economy and creating more than 19,000 jobs, latest figures show.
The 24 zones report that they have now attracted £2.2 billion of private investment and more than 500 new businesses across a range of key industries including the automotive, aerospace, pharmaceutical and renewable energy industry sectors.
Along with boosting the number of jobs the zones are proving popular with colleges seeking to set-up facilities and training opportunities to fill gaps in the local skills market.
Local Growth and the Northern Powerhouse Minister James Wharton said: “We are seeing enterprise zones across the country create thousands of jobs and billions of pounds of investment, boosting the local and national economy. This is testament to the hard work of local people making the most of opportunities the zones bring for attracting firms.
“Having 19,000 new jobs on zones is a significant milestone and one which we will continue to build as part of the government’s long-term economic plan to rebalance the economy.”
The government launched enterprise zones in April 2012 as part of the long-term economic plan to rebalance the economy so all parts of the country have the tools to thrive. The Chancellor announced the further expansion of the programme as part of his summer Budget.
The zones, which are delivering a multi-billion boost to local economies, offer a number of benefits including tax incentives, simplified planning and superfast broadband for firms.