Northern Powerhouse Minister James Wharton said that with 3 new Enterprise Zones and a Zone extension announced at the Budget, the scheme was destined to go “from strength to strength”.
Created 4 years ago, Enterprise Zones offer tax incentives and business rate discounts to companies who locate on them.
The figures show that in the 3 months to September last year, Enterprise Zones reported 1,918 jobs – a 9% increase on the previous quarter.
It means that in 4 short years, Enterprise Zones have been responsible for attracting nearly 24,000 new jobs.
Enterprise zones were launched in April 2012 and are central to the government’s plans to rebalance the economy, offering world-class infrastructure and top-class growth incentives.
They cover a range of key sectors including aviation, manufacturing, renewable energy and life sciences.
The Chancellor last week announced the further expansion of the programme with the creation of 3 new zones in Cornwall, the Black Country and Leicestershire, and an extension to the existing Sheffield zone as part of the Budget.
This will see:
- creation of a new marine renewable energy cluster at the MarineHub in Cornwall
- creation of a new science and innovation focused cluster in Loughborough and Leicester
- creation of a new waterfront development for business services growth in Brierley Hill in the Black Country
extending the advanced manufacturing offer of the Sheffield Enterprise Zone
Enterprise Zones have now attracted £2.4bn of private investment and more than 600 new businesses across a range of key industries including the automotive, aerospace, pharmaceutical and renewable energy industry sectors.
Northern Powerhouse Minister James Wharton said:
“Once again, we are seeing proof that Enterprise Zones are delivering real, tangible benefits, with jobs and companies showing significant growth.
“In just four years, nearly 24,000 new jobs have been attracted to Enterprise Zones across the country – with jobs growth in the Northern Powerhouse even higher than the national average.
“But we want to go even further, and the announcement of 3 new Enterprise Zones and a Zone extension in the recent Budget means this programme will go from strength to strength.”