Transforming Telford helped create more than 270 jobs through new investments and business expansions in the town over the last eight months, a new report reveals.

The economic regeneration company for the town has made “steady progress”, according to the organisation’s latest monitoring report.

While the general economic downturn is having an impact, it says Transforming Telford is continuing to secure investment and jobs, support town businesses and move forward with major physical regeneration schemes.

The report, for the period April to November 2008, shows strong performance against the majority of Transforming Telford’s key performance indicators, with the main priority remaining unchanged – to help companies through a difficult period and place Telford in a strong position when the upturn comes.

The report showed 11 new investments were secured between April and November 2008, 109 jobs were created from new investments and 21 business expansions were supported, which led to 162 new jobs.

Sarah Raper, chief executive of Transforming Telford, said: “The recession is having a significant impact locally, but it is too early to say with certainty what the overall medium to long-term effect on the local economy will be.

“In November we hosted a business summit to discuss how the public sector can support the business community through this difficult period. This is being fed into our plans and we are increasing our efforts to provide local businesses with redundancy support and advice, and maximising opportunities from new government initiatives.”

Over the eight-month period, the investment team at Transforming Telford has delivered a range of economic development services on behalf of the council. Despite the economic downturn, performance to date against key indicators is on target, except for new investments down largely as a result of the current climate.

Key projects for Transforming Telford are: Southwater Core in the town centre; Woodside housing estate, Lakeside; Telford Technology Park (Nedge Hill) and industrial areas.

Over the eight-month period intensive work was carried out on the economic case for the town centre.

In November 2008, planning consultants WSP, with Barton Wilmore and Atisreal, were appointed to complete the outline planning application for the Southwater core.

At Woodside, the second phase of the project was completed, with 435 properties in the area known as West 2 re-modelled. The £7.5 million scheme was jointly funded by the Homes and Communities Agency and Telford & Wrekin Council.

Transforming Telford continues to work closely with the developers of Lakeside and Telford & Wrekin Council to ensure the timely development of the scheme.

At Telford Technology Park (Nedge Hill), Transforming Telford has progressed proposals with landowners, HCA, to bring the site to market, which is at the gateway of the Wolverhampton-Telford Technology Corridor. The site’s potential for an innovation centre focusing on growth sectors is being examined.