This latest award is on top of £221.5m of government funding already awarded to Hertfordshire to date to invest in its people, places and businesses over the next five years.
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 2021.
This latest funding combined with £221.5m secured in Growth Deals 1 and 2 gives a total expanded Growth Deal package to date of £265.45m for the county.
Nearly half of the latest Growth Deal funding is to be allocated to support the regeneration of Stevenage, with the remainder to be invested in key projects across the county.
These include Hertfordshire’s new Enterprise Zone and the creation of a new innovation hub at BRE (Building Research Establishment) which will provide vital incubation space for start-ups and early stage SMEs and help to accelerate research and development for commercial success.
Additional investment will also be made in further education colleges to help ensure that skills development is tailored to meet the current and future needs of local employers and help to deliver thousands of new apprenticeships, as well as key infrastructure interventions to relieve congestion and unlock future growth.
Mark Bretton, Chair of Hertfordshire LEP, said: “This latest round of Growth Deal funding means we can continue to target investment where it is needed most. Hertfordshire LEP enjoys significant support from the business community and as such we are able to secure high levels of private investment leverage for all our Growth Deal Funded projects. The confidence of business to co-invest is why we continue to benefit well from each Growth Deal, as this new settlement demonstrates.
“Whilst the regeneration of Stevenage remains a priority for us we are continuing to invest in other key projects across the county, in particular our young people to ensure that they have the workplace skills to enable our businesses to continue to grow and help our county fulfil its tremendous economic potential.”
How does Hertfordshire's funding compare?
In terms of the total amount of funding awarded in Growth Deal 3 Hertfordshire received more than Buckinghamshire Thames Valley, Greater Cambridge Greater Peterborough, Thames Valley Berkshire, Oxfordshire and Solent.
Read the full press release.
This infographic gives an overview of our Growth Deal.