Almost £9 billion of public and private investment is due to be delivered to benefit the North-east before 2030, it was revealed today.
Aberdeen and Grampian Chamber of Commerce has produced its second ‘investment tracker’ which shows the planned investment following the completion of projects totalling £89.5 million that were in the first tracker.
These included the Third Don Crossing and the Capitol office development on Union Street.
Most of the £8.9bn investment in the new document is scheduled for the next three years and includes major projects such as the Bon Accord Centre extension, worth £100m, and the £50m Kingsford Stadium plans.
It also includes around £20m being spent on the Union Terrace Gardens improvements, Aberdeen International Airport’s £20m upgrades, the £47m Lochside Academy and the £65m Silver Fin building.
James Bream, the Chamber’s research and policy director, said: “To enable the economic renaissance vision for the region to be realised we need people and organisations to bring investment, innovation, skills and jobs here but if they are under the impression that nothing is happening they will simply go elsewhere.
“The first tracker we produced last year revealed over £5bn of infrastructure projects were either planned or already under way in and around the region.
“What this newest version shows us is the confirmed level of investment we are seeing here in the North-east is continuing to grow.”
The tracker includes projects which have received planning permission or have funding committed.
It is focused on specific, often time-bound investment, and does not include areas where there is already large-scale investment, such as the residential sector, as that is harder to qualify.
Mr Bream added: “There are new towns including Chapelton of Elsick and Countesswells, as well as large- scale developments at Blackdog and Grandholme, which represent significant investment in their own right.
“There is also investment in healthcare and in projects without a published cost, such as millions of pounds spent by investors on new boats for the fishing sector, which all deliver high-value engineering and fabrication jobs.
“This expenditure is on top of businesses investing in their own properties, equipment and technology, to ensure our region remains one of the most productive in the UK.
“Altogether, the scale of investment paints a very positive picture of the future.”
Derek Leith, a senior partner at EY Aberdeen – which created the tracker with AGCC – said: “The North-east has remained resilient during a particularly challenging couple of years.
“While it has been difficult, it has been a turning point forcing us to focus on the challenges that we need to face to ensure our region remains an attractive investment destination.
“The major infrastructure projects are essential to creating the City and Shire of the future.”