Up to 1,000 jobs, more than 1,000 homes and improved transport links are promised as part of a £74 million deal to help the county’s economy.
The cash will also help companies set up and go towards training for the area’s workforce.
Matthew Hancock, the minister for skills and enterprise, announced the ‘growth deal’ at Ansty on Monday (July 7).
He said: “The investment announced today will help to create up to 1,000 jobs and a new Apprenticeships centre and will allow for more than 1,000 homes to be built.
“Complemented by private sector investment, the deal will help encourage talented people to live and work in Coventry and Warwickshire and will allow local businesses to thrive.”
Jonathan Browning, chairman of the Coventry and Warwickshire Local Enterprise Partnership, which helped broker the deal, said: “There are some really important contributions to critical projects in terms of people and skill development, projects in terms of business start-ups and projects in terms of infrastructure and transport connections in the area.
“We’re in no way complacent about where we are or what we need to do. We’re looking for more in the future. It is a great step but we need to keep momentum building as we go into the future.”
The deal has confirmed £18.2 million of funding for 2015/16 and has made an initial commitment of £55.9 million for 2016 onwards.
It is intended to support the area’s strengths in advanced manufacturing and engineering strengths by investing in new transport infrastructure to improve connections with other cities and towns and tackle congestion on the area’s roads.
New facilities to support research and design will also be developed, as will services to offer advice to businesses. Colleges will also get a slice of the cash.
A new facility at Ansty will complement the work of the Manufacturing Technology Centre, and a new apprenticeship centre will be developed at Warwickshire College.
Warwickshire County Council leader Cllr Izzi Seccombe said she was “really pleased” with the deal. She added: “This area has a fantastic track record in encouraging the innovative skills of entrepreneurs and this investment from the growth fund will give business start-ups the facilities and advice they need.”