Investment Zone ‘will supercharge growth opportunities in South Yorkshire’
The UK’s first Investment Zone will be based around the high growth industry of advanced manufacturing.
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Your support makes all the difference.South Yorkshire is set to benefit from thousands of new jobs and £1.2 billion of investment as the Government announced the UK’s first advanced manufacturing Investment Zone.
Twelve Investment Zones will be established across the UK based around a university and clusters of high growth industries like advanced manufacturing, life sciences or green industries.
Chancellor Jeremy Hunt confirmed on Friday that the first will be in South Yorkshire, focused on advanced manufacturing and including the University of Sheffield and Sheffield Hallam University.
And, as part of the investment, Mr Hunt announced one of the North of England’s largest ever research and innovation projects in collaboration with the American aerospace giant Boeing.
The Treasury said the zone will help leverage more than £1.2 billion of private funding and help support more than 8,000 jobs by 2030.
The first investment announced as part of the initiative involves more than £80 million for a portfolio of Research & Development projects, backed by Boeing, to look at the future of aerospace.
Boeing will work with industry partners, Spirit AeroSystems and Loop Technology at the University of Sheffield Advanced Manufacturing Research Centre (AMRC) Factory 2050 in Sheffield Business Park.
The project, co-funded by industry and government, puts the UK at the cutting edge of aviation research, development and manufacturing as demand for commercial aircraft is forecast to be greater than 40,000 over the next 20 years, the Treasury said.
Mr Hunt said: “Our first Investment Zone is a shining example of how we will drive growth across the country.
“It’s already secured more than £80 million of private investment, including backing from Boeing, and will help support more than 8,000 jobs by 2030.”
The University of Sheffield welcomed the Chancellor’s announcement which will see the establishment of Compass (Composites at Speed and Scale), which is one of the North of England’s largest ever research and innovation projects.
This will be based at the AMRC, on the Sheffield/Rotherham border, and hopes to provide the technological advances needed to make lightweight aerostructures.
The university said making passenger jets lighter is seen as one of the major ways to reduce the environmental impact of air travel and help the aviation industry reach net zero.
Compass will be built as an extension to the AMRC’s Factory 2050 and will initially create around 50 jobs in South Yorkshire, with the potential to create 3,000 jobs by the mid 2030s.
It could be worth around £2 billion annually to the UK economy in exports, the university said.
Professor Koen Lamberts, president and vice-chancellor of the University of Sheffield, said: “The new South Yorkshire Investment Zone builds on our region’s industrial heritage and will supercharge opportunities to drive more innovation-led growth.
“We are very proud that our new Compass facility is the investment zone’s first major announcement. It is a testament to our region’s strengths, and the expertise of the University of Sheffield’s AMRC, that our long-standing partner Boeing has chosen South Yorkshire for this globally significant research and development project.”
Business and Trade Secretary Kemi Badenoch said: “Boeing and its partners’ investment in the new Investment Zone is a major vote of confidence in our world-leading aerospace sector and adds to the nearly £400 million of government-backed funding for aerospace projects we’ve announced in 2023 alone.
“Our forthcoming plan for Advanced Manufacturing will build on this success and help ensure that the UK remains at the forefront of the industries of the future, creating high-quality jobs and economic growth right across the country.”
Mayor of South Yorkshire Oliver Coppard, said: “This groundbreaking research partnership is yet another huge vote of confidence from Boeing in South Yorkshire’s future.”