Funding and other projects
The West of England Combined Authority Committee has approved a number of projects within the £350m Investment Fund allocation up to 2023. These projects are currently in development or delivery and when they are completed, they are expected to deliver significant benefits to the region. Below is an estimate of the impact of these projects, including where matched funding has been leveraged. It should be noted that these measures do not capture the full value of the projects, which will provide a range of specific benefits, some of which are hard to estimate precisely at this stage.
Economic growth
- £990m of economic output (gross value added)
- Over 5,000 new jobs
Business and skills
- Over 12,500 learners gaining new qualifications or skills
- 2,350 people supported to gain increased earnings, and many more moving into work
- Over 8,800 business receiving enterprise support
- 100 new research and development projects, and 60 new products or services
- brought to market
- 450 small businesses supported with innovation activity
Infrastructure
- 39,600m2 of commercial floorspace enabled
- 8,150 homes enabled on specific sites
- Over 1 million new bus journeys per year, and significant improvements locally
- Over 1.7 million new rail journeys per year
- Five new railway stations opened
- Two new park and ride sites developed
- Contribution to spatial planning and delivery, and revitalisation of a number of high
- Streets
In addition to the direct jobs and economic output estimated above, the Investment Fund programme will contribute to West of England Combined Authority’s objective of clean and inclusive growth. Projects will encourage residents to take public transport rather than use private cars, and to improve rates of walking and cycling, reducing carbon emissions and improving air quality. The projects will support the development of housing (including affordable housing) and the Enterprise Zones and Areas across the region. They will help people across the region to gain skills and access jobs, particularly those on low incomes and in more deprived areas. Our projects will improve the innovation and productivity of businesses across the region, encouraging investment and equipping them to compete and grow successfully.
