Stockton has been hailed the “economic powerhouse of the Tees Valley” after the release of new statistics on economic growth and jobs. 

An annual report seen by council leaders showed how the latest statistics showed there were 93,000 jobs in the borough at the last count - 8,000 more than in 2012.

Figures also showed Stockton had offered £4.4bn in net worth to the Tees Valley - out of a total of £12bn in  economic output.

Richard McGuckin, head of economic growth at the council , was “delighted” with the annual climate report at Thursday night’s cabinet meeting (July 18). 

“The borough continues to perform as the economic powerhouse in the Tees Valley,” he added. 

Employment rates in Stockton borough were shown to be 71.2% as of December 2018 - slightly lower than the 72.1% North-east average. 

Housing stock is also up with the latest figures from April 2018 showing the borough has 86,460 properties - which is “higher than the assessed need” in Stockton local plan blueprint.

An estimated 35.2% of working age people had a qualification of NVQ Level 4 of higher in 2018 - above the Tees Valley average, but below the national average. 

Cllr Nigel Cooke, cabinet member for regeneration, said: “Within the context of national and global situation with uncertainty that despite that, in Stockton there is a lot of good news.

The report outlined how HMRC would be relocating its offices from George Stephenson House, at Teesdale Business Park, with the loss of up to 400 jobs by 2020. 

And the cabinet member said he was sad to learn about the loss of HMRC jobs.

Councillor Nigel Cooke
Councillor Nigel Cooke

Cllr Cooke added: “Again I don’t mind saying I think that was a mistake - government policy has robbed the borough of some valuable jobs.

“But the other side of that is the number of business announcement indicating positivity in these challenging times. 

“It shows the borough really is a good place to do business.”

The report showed top grade office space in the borough can be rented at £13.50 per square foot - a figure less than half the price of Leeds City Centre.

Other figures from the report stated Stockton had “some of the best value housing in the country”.

Leaders also heard Stockton was in the top 25% of the country for broadband - with almost three-quarters of homes having access to “ultra-fast” speeds. 

On the back of the figures, Cllr Cooke called on the government to do more. 

The Labour cabinet member added: “The borough really is the economic powerhouse of the Tees Valley and what we’re looking for from a future Prime Minister is some help at a national level - because that’s where the North falls down in the differential in performance.

“While we are the economic powerhouse of the Tees Valley, I think the wheels are slightly falling off the Northern Powerhouse initiative and that certainly does need supercharging.”

Stockton town hall at night

Fellow cabinet member Cllr Steve Nelson welcomed the figures - but added Brexit was the “elephant in the room”.

“If it’s a hard Brexit on October 31, the next report and future ones will be interesting,” he added. 

“National decisions are outside our control - high street stores closing and HMRC seem to get the headlines, but there are pages of positive things - and the council does provide support to small businesses.”

Stockton has lost Marks and Spencer from its High Street in the past 12 months and Debenhams will close its doors next year. 

But after the meeting, Cllr Cooke was bullish about the borough’s progress. 

He added: “We’ve got over 1,000 more businesses now than we had five years ago. That’s up 25 per cent, which is higher than the North-east rate of growth. 

“Business resilience is impressive too – 44 per cent of new business start-ups here in 2012 were still active five years later.

“That five year survival rate is not only higher than the North East rate, it’s also higher than the national rate.

“What this report gives us is confidence we’re on the right track - but we know there’s lots more still to do.”