40,000 new homes to be built and 22,000 people into jobs in Northamptonshire and surrounding areas by 2030, according to report
“This report demonstrates that with clear strategic direction, vision and collaboration, fantastic results can be achieved"
By the year 2030 more than 40,000 new homes will be built, 22,000 people in new jobs and at least 9,000 more learners qualified across Northamptonshire Bedfordshire and in Milton Keynes.
A report, commissioned by the South East Midlands Local Enterprise Partnership (SEMLEP), was published on Tuesday (July 13) – focused on the economic impact of SEMLEP’s £265million Local Growth Fund (LGF) investment programme.
The multi-million-pound pot of funding, which has funded 55 capital projects across the area between 2015 and 2021, has been used to support business growth and productivity, fund new transport schemes and homes, and generate new jobs and opportunities for students.
Hilary Chipping, Chief Executive of SEMLEP, said: “Our Local Growth Fund investment has transformed and continues to transform the South East Midlands, significantly boosting the economy and creating new jobs, apprenticeships, learning opportunities and commercial floorspace.
“This report demonstrates that with clear strategic direction, vision and collaboration, fantastic results can be achieved.
"Whilst at first the projects we funded had a strong focus on transport due to much of the LGF budget coming from the Department for Transport, our project focus shifted in line with our Local Industrial Strategy to support business, innovation, low carbon and skills, which then attracted significant private sector investment.”
Peter Horrocks CBE, Chair of SEMLEP, said: “I am immensely proud of the whole team for the successful delivery of so many outstanding projects.
"In particular, I want to draw attention to one sentence in the evaluation summary, which I wholeheartedly agree with – ‘Programme management is overwhelmingly seen as extremely strong and an example of best practice. Relationship building and beginning to end involvement is exemplary and considered a key contributor to the success of the programme.’
“Having seen at the board how tightly the team manage the programme and on site how strong relationships are with all partners, I am not surprised by the findings - a real tribute to the whole SEMLEP team.”
Evaluation report highlights:
• At the end of 2020, the new homes and households created as a result of LGF funded projects were generating an annual increase in local spending of around £25million. By 2030 this is likely to be nearer £186million a year.
• At the end of 2020, the annual increase in gross value added (GVA is a measurement of productivity) was around £173million, while in 2030 it is projected to be £656million a year.
• At the end of 2020 more than 5,500 learners had been trained or were mid training. Their increased wages due to new qualifications will result in an estimated £5.9million more being spent locally every year. By 2030 this rises to 9,000 learners and 8.5million local spending every year.
• 484 apprentices had started their placements at the end of 2020, likely to increase productivity in the area by around £3.8million every year. By 2030 this increases to over 1,360 who will have the potential to increase productivity by £9.5million a year.
• Investment in business growth and expansion created increased floorspace to accommodate around 3,500 more employees in 2020. By 2030 this is set to increase to nearly 4,000.
• £5million of private sector funding was invested in research and development as a result of the LGF projects in 2020, expected to rise to £26million by 2030.
This independent Local Growth Fund Evaluation was commissioned by SEMLEP and conducted by funding experts Focus Consultants, which carried out detailed research over a three-month period earlier this year. The evaluation aims to articulate the impact of the programme and identify areas of learning for future funding delivery.
For a full list of SEMLEP’s Local Growth Fund projects and to view the Local Growth Fund Evaluation summary and full document, visit: www.semlep.com/local-growth-fund/