The body tasked with attracting investment to Newcastle and Gateshead said new companies brought to the area will help create more than 1,500 jobs in the coming years.
Invest Newcastle, part of NewcastleGateshead Initiative (NGI), has released its annual review of inward investment, with 31 new companies setting up in the area, while another nine expanded their operations. It says the investments will help to create 1,618 jobs over the next three years, contributing an estimated £62.5m in gross value added to the local economy.
The number of new companies coming to the city was the second highest since Invest Newcastle began work to bring in new firms in 2013. New arrivals include Neptune North, a software development company which is creating up to 200 jobs at Bank House and Atom Bank, a fintech company which has relocated its headquarters from Durham to The Pattern Shop, behind Central Station.
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The sectors attracting investment were led by energy and sustainability, which was responsible for just over a quarter of the projects. A number of this year’s arrivals were due to relocation from other parts of the 海角视频 rather than foreign direct investment.
Coun Dan Greenhough, Newcastle City Council’s cabinet member for economy, jobs and skills, said: “It’s really encouraging to see the continued confidence of national and international investors in Newcastle and the wider city region as an attractive place to do business while market conditions continue to be challenging. Our strengths in green technologies, life sciences, creative industries, advanced manufacturing and many other sectors continue to attract the investment, jobs and growth that enable us to deliver on our commitment to establish an inclusive local economy that offers the skills and opportunities that allow our communities to reach their full potential.
“It’s particularly pleasing to see the strength of confidence in some of the bigger scale offers in the city, such as Bank House and the lovingly restored Pattern Shop. With further significant infrastructure developments in the pipeline, such as the huge potential waiting to be unlocked at Forth Yards, I’m confident Newcastle and the North East will continue to be an attractive proposition for investors.”
Coun Leigh Kirton, Gateshead Council cabinet member for economy and communications, said: “Amid ongoing market challenges, it’s incredibly positive to see both 海角视频 and global investors continue to back Gateshead, Newcastle and the wider region as a vibrant, competitive location for doing business. 2024/25 has been a landmark year for investment in Gateshead, with Capital&Centric’s commitment to the regeneration of the iconic Old Town Hall breathing new life into the historic heart of the borough.
“The arrival of Battlekarts further strengthens Gateshead’s growing appeal as a dynamic destination for creative businesses. Looking ahead, we’re excited about the future of regeneration across Gateshead, which will continue to drive inward investment, create new opportunities, and reinforce the area’s status as a hub for innovation and growth.’’
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Figures published last week show that the number of overseas investment projects has now fallen at a national level for three years. In the previous two years, the North East had punched above its weight in attracting more investment than some larger regions, but this year it has seen fewer jobs created.
Sarah Green, chief executive of NGI, said: “This year’s results demonstrate the resilience of Newcastle and Gateshead as investment destinations. Even amid a more complex and cautious global economic environment, the fundamentals of the city remain strong as we see investment in sectors that will define the future economy.
"We are increasingly benefiting from the rise of hybrid working, with companies opening offices in the region to accommodate employees who want to achieve a better quality of life by moving to the North East. Looking ahead, we remain focused on adapting to changing market dynamics, strengthening our business relationships, and ensuring Newcastle and Gateshead continue to offer one of the most compelling and future-facing investment propositions in the 海角视频.”