The Hertfordshire Growth Deal
What is the Growth Deal?
Local Enterprise Partnerships bid for Government funding, known as the Growth Deal, to secure key projects for economic growth in their area through a competitive process. The period of funding runs from 2015/16 to 2020/21.
What is the Hertfordshire Growth Deal?
Thanks to our targeted Strategic Economic Plan, we have secured £265.45m to date from the Government’s Local Growth Fund to support economic growth in the county. This comprises £199.2m from the first round of Growth Deals in July 2014 and a further £22.3m awarded in January 2015 for projects from 2016 onwards. In the latest award of Local Growth Funding Hertfordshire LEP has been allocated a further £43.95m in February 2017.
The total expanded Growth Deal has the capacity to deliver over 11,000 new jobs, 16,500 new homes and unlock £460m public and private investment by 2024/25.
Read the press release on the latest round of Growth Deal funding
This infographic provides an overview of our Growth Deal.
The Hertfordshire Growth Deal focuses on three Growth Areas with significant potential for economic growth. These have been defined spatially around Hertfordshire’s principal road and rail corridors: the M1/M25, A1(M) and the A10/M11.
The investment secured in the Growth Deal focuses on:
1. Enabling flagship sites for housing and employment
2. Enhancing transport connectivity across the area
3. Growing the skills base
4. Growing jobs and providing support for key sectors in the LEP area
Growth Area Forums
As part of our Growth Deal with Government, we have established three Growth Area Forums to accelerate economic growth. We are engaging with businesses, local authorities and other partners in each of these areas to identify priorities including strategic development sites and gaps in infrastructure provision that will be championed by the LEP to unlock private sector investment and job creation.