The latest quarterly data from HS2 shows the scale of the economic boost created by the project with over £11.5bn worth of tier two contracts awarded by HS2’s construction partners to businesses of all sizes, in every UK region. The figures highlight the extent to which investment in the project continues to flow back into the UK economy, helping to create new jobs even in areas not directly on the line of the new railway.
Contracts linked to building the high speed line are expected to continue for at least the next five years, stimulating new business for the 3,000 UK-based suppliers already providing goods and services, with the chance for more to join them.
Small and medium sized enterprises (SMEs) – companies with 250 or fewer employees – will also benefit, with SME’s securing £4.5bn worth of work.
In the East of England, for example, Suffolk-based SME, Regal Tanks, is just one of the suppliers to have benefitted. Neil Alger, Managing Director of Regal Tanks said: “For a small company like ours to be selected as the main industrial storage tank supplier for HS2 is huge. And it’s not only boosted our business, our supply chain is reaping the benefits too. One of our manufacturers’ entire production line is now filled with HS2 orders for the next year. It’s a challenge, but everyone has stepped up, as we all want to play a part in HS2.“
The full regional breakdown of contract awards is as follows:
|Value awarded (tier two) to July 2023|
|Yorkshire and Humberside||£411m|
|East of England||£1.332bn|