MIDDLESBROUGH has leapt to joint third place in a national survey of small cities and regions with the best investment potential.

The influential Financial Times’ European Cities and Regions of the Future report looks at potential for foreign direct investment (FDI), with Middlesbrough climbing strongly from ninth position in 2018/19.

The recognition highlights the town’s potential to attract foreign investment and showcases the area’s ambition and regeneration opportunities.

Read more: Taxpayers' cash for dropped plans for Middlesbrough snow centre not returned

Data on economic potential, the local workforce and lifestyle, cost effectiveness, connectivity and business friendliness was assessed alongside a submission from Middlesbrough Council on its FDI strategy.

Middlesbrough Mayor Andy Preston said: “This is yet another ringing endorsement for the huge leaps forward we’re making, and the boundless ambition we have for Middlesbrough.

“We know we’re a city in all but name, but this is independent validation of that aspiration, and proof that we’re a match for towns and cities across Europe and beyond.

The Northern Echo: Andy Preston

“Our momentum is unstoppable, and accolades like this will only help generate further investment, jobs and prosperity.

“Despite the challenges of the past two years we’re cracking on and repositioning Middlesbrough as a regional hub for jobs, living and leisure.

“We’re building new homes and schools and attracting new businesses to the heart of our town.

“Within months the first new leisure developments in Captain Cook Square will open.

“Middlesbrough is making huge leaps forward in terms of investment, construction and, most importantly, jobs.

“And the best really is yet to come.”

The town’s emergence as a digital powerhouse with truly global reach is epitomised by state-of-the-art developments at Middlehaven which are already attracting high levels of interest from cutting-edge tech firms.

The £2.5 million Boho 8 complex was completed last year, with bespoke modular units providing additional space for rapidly expanding companies in Boho One and Boho 5, as well as attracting new digital and creative businesses to the area.

Work is also well under way on the striking £20m-plus seven-storey Boho X building.

Due for completion later this year, the building will act as a regional and national focal point for the digital sector, and as a catalyst for social, economic and environmental change across the region.

NorthLink Digital was one of the first firms to move into Boho 8 as part of its bold expansion plans, and founder and chief executive officer Graham Orrell said the latest recognition underlined Middlesbrough’s momentum.

“Middlesbrough is becoming known as a place where digital businesses exist and are growing,” he said.

“Previously if you were thinking about tech hot spots in the North you would think about Leeds and Newcastle - now Middlesbrough is deservedly getting itself onto that list.”

Other runaway success stories include the Tees Advanced Manufacturing Park (TeesAMP) on Middlesbrough’s Riverside Park, with full occupation of the first phase set to trigger a second phase which will bring further innovative manufacturing companies to the region.

Elsewhere in the new rankings, the North East is seventh for business friendliness for mid-sized European regions and Newcastle came fourth for its foreign direct investment strategy among mid-sized European cities.

 

Keep up to date with all the latest news on our website, or follow us on Facebook, Twitter and Instagram.

You can also follow our dedicated County Durham Facebook page for all the latest in the area by clicking here.

For all the top news updates from right across the region straight to your inbox, sign up to our newsletter here.

Have you got a story for us? Contact our newsdesk on newsdesk@nne.co.uk or contact 01325 505054