The Government has agreed to a £5.7 million bid to build the Eastern Relief Road in Bury St Edmunds which will result in the creation of upto 15,000 jobs in the town.
The New Anglia Local Enterprise Partnership secured the funding for the £15 million project as part of the Government’s Growth Deal.
Bringing an estimated £275 million of investment to the area, the road - connecting Skyliner Way in Moreton Hall to junction 45 of the A14 - will allow for the expansion of the Suffolk Business Park onto 68 hectares of land with the aim of attracting national companies to the town.
It is estimated that 9,000 new jobs would be created by 2021 and ultimately 15,000 jobs.
The road also paves the way for the construction of 500 homes, a secondary school and a community football project.
The Government funding adds to the £4 million already pledged for the project by the New Anglia LEP with announcements over the remaining £5 million expected later in the summer.
Mark Pendlington, chairman of New Anglia LEP said: “The Eastern Relief Road was one of our priority projects in our bid to Government, this success is a strong vote of confidence in all the hard work we and our local partners have put into these plans.
“This road will bring an enormous social and economic boost to the area for many years to come, with new businesses, jobs and homes, making it a magnet for enterprise and a great place to live and work.
“It is a great vote of confidence from Government that this project has been awarded the funds that it rightly deserves and it is thanks to collaborative working between New Anglia, its local authority partners, MPs and business leaders.”
Cllr John Griffiths, leader of St Edmundsbury Borough Council, added: “We in West Suffolk have a strong track record of delivering successful projects and getting the job done.
“And it is because of this reputation, and a great deal of hard work with our partners, that we have not only gained the support of the New Anglia LEP but also the support of Whitehall officials, who recognise we are determined to deliver new and better jobs, new and even stronger communities, new and even better houses and new and even better infrastructure including a new school.
“We are investing in success not just for Bury St Edmunds, but West Suffolk as a whole. There is still a long way to go but this project will help create an abundance of jobs, investment and prosperity for our area, to be enjoyed by our children, and generations to come.
“I would like to thank New Anglia LEP and all who have been involved so far in getting us to where we are”
The council aims to award the contract for the road construction before May next year with the project expected to be completed within three years.