Northern Ireland City Deals May Boost Construction
Few things are a clearer sign of economic growth than new construction, whether because businesses are booming or because government investment is giving an area much-needed new infrastructure.
Both factors may lead to more diggers moving in soon in two areas of Northern Ireland that have been granted city deals by chancellor Rachel Reeves in her Budget.
While the Northern Ireland executive at Stormont is being granted an extra £1.5 billion for general spending, there will be specific extra money going to the Causeway Coast and Glens and the Mid South West regions.
The city deals had already been lined up, but were subject to a government review. However, Ms Reeves confirmed from the despatch box that they will now go ahead.
In the Causeway Coast and Glens, the package will help fund projects like the regeneration of the towns of Limavady, Dungiven and Bushmills, while infrastructure projects will get some of the cash for the Mid South West.
A joint statement by the two local authorities said: "We welcome the news that the UK Government will stand by its funding commitments to the Mid South West and Causeway Coast and Glens Growth Deals.”
The use of city deals has been a significant part of economic regeneration in locations all over the UK, having been pioneered by the previous Conservative government. Often this has helped fund the construction of new infrastructure and regeneration schemes.
Northern Ireland has benefitted from two of these already, in Derry City & Strabane and the Belfast City Region. Overall, there have been 26 agreed in England, six in Scotland and two in Wales.
The Derry & Strabane deal was confirmed earlier this year, while the Belfast deal was confirmed in 2021. The latter combined the investment in infrastructure with support for growing segments of the economy like the creative industries and life sciences.