Inward investment success powering North East economy
More than 6,000 new jobs will be created over the next three years by firms investing in the North East, new figures reveal today.
The statistics unveiled by Invest North East England on behalf of the region’s seven local authorities and the North East Local Enterprise Partnership (LEP), show 84 inward investments in the North East between April 2016 – March 2017, by companies creating a new base or expanding existing operations.
IT, automotive, manufacturing, energy and financial and professional business services were the boom sectors responsible for much of this investment.
The headline figures between April 2016 – March 2017 are:
- A total of 84 inward investment projects in the North East economy
- 64 of these investments were from foreign companies
- 20 of the investments were made by UK-owned firms previously from outside of the region
- These investments will create more than 6,000 new jobs over the next three years – up by more than 2,000 jobs on last year’s figure
- Major successes include:
o ResQ, the UK-owned contact centre business, creating 1,200 jobs at its new base at Spectrum Business Park, Seaham
o Belgian-owned Smulders, based in North Tyneside, due to create 300 new jobs in the energy sector
o US-owned customer services outsourcing giant Convergys, planning to create 600 jobs at its centre of excellence at The Rocket, in Newcastle’s Stephenson Quarter.
o Nissan Sunderland – continued investment and re-investment into its Wearside plant creating new jobs and opportunities
- The United States continues to be the biggest overseas investor in the North East economy
Invest North East England provides a single point of contact for inward investment enquiries on behalf of the region’s seven local councils, working in close partnership with the local authorities to ensure potential investors are matched with the best fit for their investment enquiry.
ResQ CEO Nic Marshall said: “We were delighted to be able to expand our business into North East England.
“Spectrum Business Park and County Durham as a whole offered us the quality of premises we needed for this key expansion of our business, with access to a high quality workforce which was critical in our decision-making process.
“The outstanding support we have had to help us make the move and expand our business here, entirely justifies our decision to come to North East England.”
Invest North East England Director Guy Currey said: “The latest inward investment statistics are highly encouraging and show how attractive a location North East England is to foreign and UK-owned businesses.
“Companies who choose to invest here tell us the region’s highly skilled, flexible workforce, unrivalled business accommodation and connectivity to global markets means they make a great return on their investment.
“Many recent investments are in our sectors of world class strength – automotive manufacturing, financial and professional business services, energy and IT – building strong foundations for continued sustainable economic growth.
“To build on the success from last year, the team are now working proactively in market to generate further interest in the North East and create more jobs.”
The growth in inward investment jobs reflects the emphasis placed on attracting foreign and UK-owned investment in the North East LEP’s refreshed Strategic Economic Plan.
Businesses investing in the regional economy will play a central role in helping the North East reach its target of creating 100,000 more and better jobs by 2024.