Liverpool City Region has recently exceeded growth targets thanks to a Local Growth Fund. The number of jobs and training opportunities created through the fund has far outstripped forecasts, according to Steve Rotherham, Liverpool City Region Mayor.
The original targets which focused on creating a combined 1,519 job and apprenticeship opportunities. However, The Local Growth Fund alone has created 2,045 jobs and 526 new apprenticeships over the last financial year. These figures report an increase of 35% over the current target. On top of this, an estimated 4,100 people have started new skills courses, which surpasses the previous expectation of 2,889 by 42% of the predicted forecast.
This is an exciting time for Liverpool. Announced in 2021, the Local Growth Fund investment of £313 million had been committed to 200 projects and with the positive news occurring within the last financial year, Liverpool can expect that sooner than later, the fund will help create more than 18,000 jobs and an additional £225 million of investment.
Upon declaring this news, Mayor Rotherham has commented, “I want to make sure that every pound we spend is going towards creating a better, fairer future for the 1.6 million people who call it their home.”
“The difference we’ve made through the Local Growth Fund is testament to that. I’ve set an ambitious target to create 18,000 new jobs and generate an additional £225m worth of investment in our economy by 2025 –because for too long, too many in our region have been held back, not because of a lack of ambition, but a lack of opportunity. Investments like this offer a promise of hope to people – that there is a brighter future ahead.”
The Local Growth Fund is forecasted to continue until 2024/2025 and has already delivered 9,811 jobs and over £187 million of private sector investment, in addition to £108 million of further public sector investment.
The projects that are currently being heavily invested in are the following: Kirkby Town Centre, Liverpool’s City Centre Connectivity scheme and the construction of a new train station in Maghull North.
Liverpool City Region are facing a consistent rise in popularity and investment which doesn’t appear to be stopping. As one project ends, another begins in favour to constantly regenerate and advertise the city as the next place to be, rivalling the likes of Manchester.
Currently, the city region is a great investment for those looking to diverse their portfolio and gain entry on the ground level before property prices start to spike.
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