The Tees Valley area covers the lower, flatter (and much more urban) area of the valley of the River Tees. Tees Valley Enterprise Zone is an enterprise zone which encourages industrial development in 12 sites around the region, with a thirteenth site planned.
The five councils have recently announced plans to establish a Tees Valley Combined Authority after a majority of the public voted for the move. Sixty five per cent of more than 1,900 responses received during a seven-week long public consultation were in favour of a combined authority.
This is a chart of trend of regional gross value added of Tees Valley at current basic prices published (pp.240–253) by Office for National Statistics with figures in millions of British Pounds Sterling.
Tees Valley Enterprise Zone was initiated by the local enterprise partnership Tees Valley Unlimited and its creation was announced by the government in 2011. At its launch, the zone contained 12 sites. Four of these sites offer enhanced capital allowances, aimed at large manufacturers. These sites are Wilton International and South Bank Wharf, both in Redcar and Cleveland, Port Estates in Hartlepool and New Energy and Technology Park in Billingham, Stockton-on-Tees. The remaining sites offer reduced business rates. In March 2015 the government announced that a thirteenth site is to be added, South Bank Wharf Prairie, aimed at oil and gas decommissioning business.