The prime minister will chair the cross-department committee that will also include almost half the senior cabinet.
“As I said on my first day as prime minister, I will govern for the whole United Kingdom, and we will look to build an economy that works for everyone, not just the privileged few,” said Mrs May.
“We need a proper industrial strategy that focuses on improving productivity, rewarding hard-working people with higher wages and creating more opportunities for young people so that, whatever their background, they go as far as their talents will take them.”
On becoming prime minister, Mrs May revealed she wanted to tackle the housing deficit and the National Federation of Builders believes this new committee is a step in the right direction.
Richard Beresford, chief executive of the NFB, said: “The adoption of a cross-departmental approach means that an industrial strategy is less likely to be sidelined, as happened to those championed by Liberal Democrat business secretary Vince Cable during the coalition.
“The construction industry remains a key factor in driving the country’s economic performance for the foreseeable future.
“We hope the government keeps this in mind as it [develops] its strategy over the coming months.”