The funding, unlocked by a positive outcome from its second Gateway Review, will support the delivery of its City Deal investment programme over the next five years across South East Wales.
The Gateway Review, required by the UK government, confirmed that CCR met the requirements to continue the programme, recognising progress, governance and economic impact since the first review in 2021.
Mary Ann Brocklesby, chairman of Cardiff Capital Region, said: “We have come a long way since our first Gateway Review and are proud this independent assessment recognises the impact of Cardiff Capital Region’s investments.
“We have created and safeguarded more than 5,000 jobs, supported over 2,700 people to upskill or reskill, and delivered more than 83,000 square metres of new space, boosting private investment and business confidence across South East Wales.
“We are proud that our investments are helping build a more resilient regional economy and deliver lasting benefits for our communities.”
Established in 2017, CCR is a collaboration between 10 local authorities, the UK and Welsh governments.
It aims to deliver a £1.2bn City Deal focused on economic growth, job creation and long-term investment.
Rachel Reeves, Chancellor of the Exchequer, said: “This new funding for Cardiff Capital Region is a direct result of the hard work and collaboration that has already seen nearly 4,000 jobs created and thousands of people helped to retrain.
“This money means more real jobs, skills training and business support for people right across the region.”
Adam Price, Welsh Government cabinet minister for Enterprise, Connectivity and Energy, congratulated the CCR on the outcome of its 10-year review.
He said: “The next phase of the City Deal will provide opportunities to deliver more transformational projects, particularly in key priority sectors such as compound semiconductors, with wide economic benefits in the region.
“As the new Welsh Government, we look forward to continued collaboration with CCR and other partners as the City Deal continues to improve prosperity across the South East Wales region and beyond.”
Jo Stevens, Secretary of State for Wales, said: “The UK Government has made driving economic growth and creating new jobs for the next generation in every part of Wales our number one priority.
“The release of £134 million to Cardiff Capital Region means they can build on their success, continue to grow sectors where there is huge potential for growth and help secure the economic future of South East Wales.”
