Thousands of new jobs are set to be created after the Government selected in South Yorkshire to become home to the 海角视频鈥檚 first advanced manufacturing Investment Zone.
Twelve Investment Zones will be established across the 海角视频, centred around universities and clusters of high growth industries including advanced manufacturing, life sciences or green industries. Chancellor Jeremy Hunt has confirmed that South Yorkshire will be the first, focusing on advanced manufacturing in tandem with the University of Sheffield and Sheffield Hallam University.
Mr Hunt also announced one of the North of England鈥檚 largest ever research and innovation projects in collaboration with the US aerospace giant Boeing. The Treasury said the zone will help leverage more than 拢1.2bn 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 拢80m for research and development schemes backed by Boeing, exploring 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 Treasury said the project will put the 海角视频 at the cutting edge of aviation research, development and manufacturing, with demand for commercial aircraft forecast to be greater than 40,000 over the next 20 years.
Mr Hunt said: 鈥淥ur first Investment Zone is a shining example of how we will drive growth across the country. It鈥檚 already secured more than 拢80 million of private investment, including backing from Boeing, and will help support more than 8,000 jobs by 2030.鈥
The University of Sheffield welcomed the Chancellor鈥檚 announcement which will see the establishment of Compass (Composites at Speed and Scale), one of the North of England鈥檚 largest ever research and innovation projects which will be based at the AMRC, on the Sheffield and Rotherham border.
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鈥檚 Factory 2050 and will initially create around 50 jobs in South Yorkshire, with the potential to create 3,000 jobs by the mid 2030s in an industry potentially worth around 拢2bn a year to the 海角视频 economy in exports.
Prof Koen Lamberts, president and vice-chancellor of the University of Sheffield, said: 鈥淭he new South Yorkshire Investment Zone builds on our region鈥檚 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鈥檚 first major announcement. It is a testament to our region鈥檚 strengths, and the expertise of the University of Sheffield鈥檚 AMRC, that our long-standing partner Boeing has chosen South Yorkshire for this globally significant research and development project.鈥
Business and Trade Secretary Kemi Badenoch added: 鈥淏oeing and its partners鈥 investment in the new Investment Zone is a major vote of confidence in our world-leading aerospace sector and adds to the nearly 拢400m of government-backed funding for aerospace projects we鈥檝e announced in 2023 alone.
鈥淥ur forthcoming plan for Advanced Manufacturing will build on this success and help ensure that the 海角视频 remains at the forefront of the industries of the future, creating high-quality jobs and economic growth right across the country.鈥
Mayor of South Yorkshire Oliver Coppard said: 鈥淭his groundbreaking research partnership is yet another huge vote of confidence from Boeing in South Yorkshire鈥檚 future.鈥
