York and North Yorkshire will get a £40 million boost to drive growth and quality jobs.
Chancellor Rachel Reeves announced the £902 million local growth fund during the Budget to support 11 mayoral regions, including York and North Yorkshire.
York and North Yorkshire’s Growth Plan was one of the first to achieve formal government approval.
The investment will support the region’s Local Growth Plan, which is designed to increase the value of the economy, boost productivity and attract more investment.
David Skaith, the Mayor of York and North Yorkshire, said:
“This is a big vote of confidence in our plan for good growth, supporting us to invest in good quality jobs, more affordable homes, and better connectivity.
“All of these things will make people’s lives in York and North Yorkshire better.
“This is a £40 million investment to back the plan we developed with the people who live, work and do business here.”
The plan identified Competitive Advantage Sectors, Priority Drivers of Growth and Key Employment Sectors.
These are all sectors where the region is best placed for growth or sectors which are already thriving in the region like manufacturing and the visitor economy.
York and North Yorkshire’s Competitive Advantage Sectors include food and farming innovation, engineering biology and life sciences, clean energy, rail innovation, security and the creative industries.