Report underlines economic impact of Hinkley Point C on region
A new report has underlined the economic impact of the Hinkley Point C project across the South West.
The report from the Heart of the South West LEP has underlined the scheme’s importance as a catalyst for growth, job creation, and prosperity.
The project is the UK’s first new nuclear power station in over two decades and will provide low carbon electricity for six million homes.
With most of the construction work still to take place the new nuclear power station in Somerset has already provided a significant boost to the local economy close to the construction site.
More widely for every pound invested in the project, the local region is gaining £2.50 of value.
Productivity in Bridgwater, the town closest to the project, is growing faster than anywhere else in the region, and well above the national average.
Hinkley Point C has also led to a significant surge in the number of medium and large companies setting up, expanding, or relocating to the region, bringing new investments and opportunities.
The project is forecast to provide 25,000 employment opportunities during the construction phase, and has already trained over 1,000 apprentices.
The report found a substantial increase in the population aged 25-39 in Sedgemoor, West Somerset, and Taunton, suggesting that the project has enhanced the attractiveness of the region for employment opportunities and long-term settlement.
The data also shows how the project’s multi-million investment into new training facilities is making a difference with improvements in post-16 educational attainment – particularly in technical and vocational training – which has outpaced the national average.
Karl Tucker, chair of the Heart of the South West LEP, said: “We are thrilled to present this comprehensive dashboard that delves into the remarkable impact of Hinkley Point C on our region. The project has not only brought substantial job opportunities and investments, but has fostered a culture of learning and growth. As we move forward, the positive effects of this project will continue to be felt by our communities, leaving a lasting legacy of progress.”
Despite external challenges, such as the economic effects of the pandemic, the project has propelled the wider region towards a brighter and more prosperous future.
The Hinkley Supply Chain Contract, funded by the Heart of the South West LEP from 2017 – 2023, supported Devon and Somerset businesses to win 127 contracts, worth £33m, generating an additional 250 high value jobs across the region.
Andrew Cockcroft, Hinkley Point C’s senior stakeholder relations manager, said: “Hinkley Point C is essential in fighting climate change but is also delivering significant benefits for the communities that are hosting such an important project. From the very beginning, we have worked together with the Heart of the South West LEP to make sure that Hinkley Point C increases prosperity and productivity in Somerset and the South West – giving as many people as possible the chance to increase their skills and earning potential.”