Mr Hodgkinson, born in Skipton, was active in Yorkshire business for decades and served as chairman of regional development agency Yorkshire Forward for seven years.
During his time in this role he oversaw a number of notable regeneration projects in the region and was awarded a CBE for his services.
His passing was confirmed on Twitter by Leeds City Council chief executive Tom Riordian, who worked alongside Mr Hodgkinson during his time at Yorkshire Forward.
Mr Riordan tweeted: “So very sorry to convey that Terry Hodgkinson CBE passed away unexpectedly.
“Deep sincere condolences to his wife Anne, daughters Kirstie & Charlotte, family & friends.
“Terry made a very big positive difference including as Chair of Yorkshire Forward.
“He’ll be sadly missed by so many. #rip”
Mr Hodgkinson ran number of businesses in his distinguished career including Aston Builders and Contractors Ltd in Wakefield, Lemmeleg Ltd and a number of other high=performing SMEs.
In 2001 he was appointed as a member of the Heritage Lottery Committee for Yorkshire and helped secure funding for the likes of Wentworth Castle in Barnsley, The Royal Hall in Harrogate and Leeds City Museum.
He also served as a visiting professor at Leeds Beckett University’s school of business.