INFRASTRUCTURE investment planned for the north-east of Scotland has increased by £1.7 billion in the last 12 months, a new report has found.
The growth means the region, which was badly hit by the oil and gas downturn after the crude price slump from late 2014, will benefit from £10.1bn of public and private investment projects before 2030.
The figures are highlighted in the fourth Investment Tracker report by Aberdeen & Grampian Chamber of Commerce, produced in partnership with accountancy giant EY.
The £1.7bn rise in committed projects is in addition to the £800 million worth of projects completed since the 2018 tracker was published, including Aberdeen Art Gallery, The Music Hall and Banchory Sports Village.
Russell Borthwick, chief executive of the Aberdeen & Grampian Chamber, said: “The tracker tells a story of great progress for our regional economy with £2.5bn of infrastructure projects delivered since 2017 and more to come.
“The pace of change is breathtaking and a lot has happened in the last year with the highlight being the full opening of Europe’s largest new road scheme, the Aberdeen Western Peripheral Route.
“Looking to the future, we are seeing investment in new schools, healthcare facilities and quality housing, including a number of new town developments.”
Upcoming projects in the north-east include a £350m scheme for Aberdeen South Harbour, and the £500m Kincardine Offshore Windfarm.
Derek Leith, global oil and gas tax lead at EY, said: “This year’s report demonstrates a resilient and vibrant economy in the North-east, built from a diversification strategy that is future-proofing the region for generations to come. We have seen projects reach completion but there is also an ongoing pipeline of further capital investment that will create jobs and grow the local economy.”
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