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Solent Local Enterprise Partnership, which has been involved in creating the Southampton and Portsmouth City deal, has estimated it will deliver a number of benefits over its lifetime.
The partnership said the deal would deliver the following:
- more than 4,700 permanent new jobs particularly focused in marine, maritime and advanced manufacturing sectors
- more than 13,000 construction jobs
- 107,000 sq m of new employment floor space unlocked, with a focus on supporting growth in the marine, maritime and advanced manufacturing sectors
The partnership estimates the deal will also provide £115m of local and national public sector investment and bring in more than £838m of private sector investment into the area. This would be through site development, skills and unemployment schemes, and business support services.
Greg Clark, the minister for Cities says the new city deal for Portsmouth and Southampton "will maximise the economic strengths of these two coastal cities and the wider Solent area, by supporting further growth in the area’s maritime, marine and advanced manufacturing sectors."
Mr Clark said he had been in negotiations in recent months with the Solent Local Enterprise Partnership, Southampton City Council, Portsmouth City Council, Hampshire County Council and other local authorities, before the deal came to fruition.
Deputy Prime Minister Nick Clegg and Minister for Cities Greg Clark will sign a City Deal with local authorities and business groups today that will see thousands of new jobs created in Southampton and Portsmouth.
The deal will provide £953 million of investment into the area, creating more than 17,000 jobs. The flagship proposal will unlock two high-profile sites within Southampton and Portsmouth in order to make the most of the area’s marine and maritime assets.
Gerald Vernon-Jackson, leader of Portsmouth City Council, has demanded proper support after the announcement of 940 job losses at the dockyard.