THE North East securing a multi-million pound funding pledge from the Government for infrastructure improvements is welcome news indeed for the region.

A total of more than £22m -–£5.69m for the Tees Valley Local Enterprise Partnership and £16.71m for the North Eastern LEP – is available in the region to help kickstart projects that have been delayed due to the economy.

Good infrastructure is vital to a region’s corporate well-being. It is key to unlocking economic growth as it helps attract private investment and opens up new markets which, in turn, generate employment opportunities for North East residents.

Therefore, this money should help provide an economic boost to the North East and its businesses including those in the construction sector.

Careful selection of the projects on which the money will be spent is crucial as the options available will have different degrees of economic potential.

The LEPs have consulted businesses and sector-related organisations as they have drawn up their regeneration plans and strategies. Continuing this partnership style of working should help identify where this funding is needed most.

The latest financial allocation forms one piece of the North East’s regeneration jigsaw.

It follows two rounds of Regional Growth Fund bids and the introduction of Enterprise Zones, which will offer a range of financial incentives to help attract real investment and growth.

All these various financial elements should act as strong building blocks to help stimulate regeneration in the North East and have a major impact on investment, private sector growth and job creation, as well as maximising the area’s business potential.

For more information on Constructing Excellence in the North East, please contact chief executive Catriona Lingwood, on 0191 374 0233 or email catriona@cene.org.uk

Stephen Larkin, director of the Institution of Civil Engineers North East