Our £6 billion ripple effect
Secretary of State Ed Balls MP will today (Friday, 26th March 2010) help us unveil our plans to create a £6 billion 'ripple effect' in the Yorkshire economy over the next five years.
His visit will also see him officially open our new offices at Livingstone House in Clarence Dock, Leeds.
Our huge impact on the Yorkshire economy is revealed in a new report by the University of Leeds, which calculates that for every £1 we spend, a further 90p of wealth is generated in the local economy.
This means that our £1.9 billion investment in infrastructure and £1.5 billion in operating expenditure will create over £6 billion of economic activity over the next five years.
One of the first areas set to experience the 'ripple effect' brought about by the company's spending is Clarence Dock - home to our newly created 500 strong Asset Delivery Unit. Based out of Livingstone House, the Unit will be responsible for the implementation of all infrastructure improvement projects over the next five years, with work on the ground due to begin from April onwards.
Some of the investment we have planned for Yorkshire over the course of the next five years includes:
£110 million to help improve bathing water quality along Yorkshire's East coast - boosting tourism and benefitting local businesses like hotels and restaurants.
£100 million to reduce the number of sewer flooding incidents and protect the company's sewage treatment works from extreme weather.
£92 million to improve the quality of drinking water - already some of the best in the world - and secure drinking water supplies.
Read our Economic Impact Report which summarises the impact of our investment.
Economic Impact Report