East Midlands becomes fastest-growing region of development

High levels of employment and skills, combined with competitive costs and a highly productive labour market, have cemented Northamptonshire's position as a diverse economy and a successful location for living, working and learning.

However, its economic and demographic growth levels are set for further rapid expansion, with one of the largest regeneration programmes taking place in the UK.

More than £11bn of investment from all levels of government is being invested into the county over the coming years. Northamptonshire's economic development organisation, Northamptonshire Enterprises Limited (NEL), has injected £13.4m into key projects in the county in its first financial year. NEL secured the funding from the East Midlands Development Agency and the department for Communities and Local Government.

This injection of funds has enabled a number of large regeneration and new development projects to take place. Key initiatives NEL is leading on include the £10m Fit for Market Project, which provides financial grants to projects that regenerate disused land and/or buildings and make them fit for commercial use. These projects include acquisitions, refurbishments and feasibility studies.

The £11bn is to be divided throughout the county, providing more homes and better transport facilities as well as education and community facilities. Some 141,000 new jobs will be created, 167,000 new homes will be built over the next 25 years, and there are plans for a range of new developments (see box).

This population growth and development opportunities means about £6bn extra per annum of spending will be generated within the Northamptonshire economy, excluding housing and infrastructure development costs.

Sustainable development

Strong commitment to sustainable development will ensure that Northamptonshire retains its beauty while delivering this ambitious amount of growth. This evolution reflects the county's strengths as a business location, where employment and population growth rates are already double that of the national average. It is located in the heart of the Oxford to Cambridge Arc, and the London/Birmingham corridor, with five million people living within a one-hour drive. There is a big financial advantage, too, with Northamptonshire representing a 25% lower operating cost when compared to the rest of the south-east England.

This regeneration and development is being underpinned by government investment as Northamptonshire is one of only four designated growth areas in the UK included in the 'Sustainable Communities Plan'. Under this plan, government investment will support the major expansion in jobs and housing in the area.

This level of investment is creating a boom time for the construction industry in the county. NEL is keen to identify and establish local training and employment opportunities, and is working closely with the West Northamptonshire Development Corporation with its ConstructionFutures Scheme. The scheme is designed to develop better workplace training opportunities within the construction industry in the area.

Among the projects NEL has supported are: the Moat Lane regeneration project in Towcester, where £620,000 was made available towards a £9m redevelopment scheme the regeneration of Northampton's historic market square, with a £100,000 injection from NEL to find ways to bring new life to the square and main shopping street and a £165,000 investment by NEL into the Fishmarket Gallery and Arts Centre.

NEL acts as a single voice for the county, focusing on economic development and business investment in Northamptonshire, along with destination management and promotion.

Paul Southworth, chairman of NEL, says: "We are delighted that we have been able to put so much money into local economic projects, especially as it is our first year of this exciting partnership.

"The construction industry is key to Northamptonshire's regeneration and development we are relying on a mixture of local builders and larger construction companies to complete our projects to very high standards.

"We have helped several projects locally to get off the ground, and by working more closely together and sharing our resources, we are well placed to build on the achievements that each of us has already made separately. Our aim for the coming year is to continue to build the profile of Northamptonshire as a place to live, work, invest, learn and visit, and drive it forward as a thriving and exciting growth area, ripe for development."

Investment plans for Northamptonshire

• Major retail and cultural regeneration developments in all of the county's towns.
• Development of 711,000m2 of new office space.
• Development of over 300ha of new strategic distribution facilities.
• Construction of 48 new primary schools.
• Construction of eight secondary schools.
• Development of at least one new secondary medical facility and development of primary facilities, including community and medical centres.
• Development of new regional conferencing centres and hotel facilities to cope with Northamptonshire's growing business tourist demands.
• Development of a Technology Realm, strategic employment sites (about 230,000m2 of science park-related development) and business support services.
• More than £200m committed for further and higher education capital build.