AN EXTRA £27.1m is coming to the area to boost transport and create new jobs and businesses.
The windfall comes on top of a £124.8m growth deal for the Solent area that was announced last July.
The latest round of funding from the government will fund transport and infrastructure improvements in Fareham and Gosport, including progressing the Stubbington Bypass and improving the road network that will allow the Welborne development of 6,000 homes to take place.
The cash, announced by the government today, will help fund the construction of a new road at Newgate Lane South.
A total of 95 jobs will also be created at the National Maritime Systems Centre of Excellence in Portsmouth. The venue has yet to be decided.
Councillor Sean Woodward, leader of Fareham Borough Council, told The News: ‘We got a significant amount of money of the first growth deal and we are getting a significant sum of money from the second growth deal.
‘If we did not have Welborne and the Solent Enterprise Zone, I realise we would not have had a penny out of this.
‘As it is, we have done exceptionally well. It’s very good news for Fareham and Gosport.’
Over the lifetime of the £151.9m deal – which lasts until 2021 – the Local Enterprise Partnership estimates up to 6,000 new jobs could be created, 11,000 new homes built and that it has the potential to generate £400m of public and private investment.
The projects announced last year include upgrading Junction 10 of the M27 and a route to join Whiteley and the planned development to the north of the village.
Cllr Donna Jones, Solent LEP Director and leader of Portsmouth City Council, said: ‘The additional funding announced today is the latest in a series of wins for Portsmouth and our world class defence cluster.
‘They are making our ambition to establish Portsmouth as the global centre of excellence for the defence industry of the future a reality.’
Gary Jeffries, chairman of Solent LEP, said: ‘We are delighted the government has backed our ability to deliver transformational growth locally by devolving funds to the area.’
He added it would help the Solent ‘realise its true potential’.