Southampton and Portsmouth's joint City Deal bid
Thousands of new jobs and homes could be created in Hampshire if two councils win a joint bid for City Deal status from the government.
Southampton and Portsmouth councils have made a £1.5bn bid, the only joint application to be submitted in the country.
A total of 20 areas are bidding for powers, including the right to spend local tax receipts.
Ministers say City Deals will rebalance the economy and decentralise powers.
If a City Deal is approved the councils said Southampton's benefits would include an expansion of the port creating 4,000 new jobs, and the redevelopment of Royal Pier which would make way for more than 6,000 jobs.
While Portsmouth's benefits would include the development of Tipner, creating about 1,600 jobs, plus a new housing, shopping and leisure development in the Northern Quarter.
Anne-Marie Mountifield, chief executive of Solent Local Enterprise Partnership (LEP), said the maritime industry in the Solent area was "vitally important" and added the City Deal would ensure the Solent "remains at the heart of the UK maritime industry."