Plans for a combined West Yorkshire authority that would manage £1.5bn of investment have been sent to the Government for approval.
Wakefield is one of five local authorities which will play a part in a £1bn transport fund and £400,000 investment fund which were agreed last summer in the Leeds City Region (LCR) deal.
A new relief road to the east of the city centre and the removal of the roundabout at Ings Road and Denby Dale Road are included in plans for how the transport fund will be spent over the next 10 years.
And if the government approves of the new combined authority, it will be established in April next year.
The transport schemes alone are expected to create nearly 2,000 jobs in Wakefield.
And the investment fund will support local businesses through the offer of loans.
Leader of Wakefield Council Coun Peter Box said: “We are now another step closer to ensuring that decisions made about this district are made here – not in Whitehall – and are made by the people who will work hard to create real economic opportunities for Wakefield people and our local businesses.
“As soon the government gives the final approval to the plans it will enable Wakefield will have a bigger say in what happens in our region. We will use our local knowledge to get resources to the areas that need them most, securing a better economic future for the district.”