With an economy growth of around 1.2% in 2017, many economists were a little downhearted about the region. Thankfully with plans for a North East development surge, predictions for growth are more positive in 2018 coming in at around 1.9-2.2%.
Positive news
Many leading economists in the North East are positive about 2018 and beyond. Good progress has been made against the strategic economic plan targets in that:-
- The number of jobs in the North East has increased by 55,200 since 2014
- The North East is on track to meet target plans of additional 100,000 jobs or more by 2024
Employment rates and economic activity have increased meaning there are more job opportunities for young professionals. The North East’s role in the global economy is especially important with international links set to flourish with some of the biggest brands in the world which include:-
- Blue Kangaroo working with the Walt Disney Company and Mattel from its base in Gateshead
- The region’s universities global connections set to welcome more than 17,000 international students in 2018 (great news for landlords)
To help with the North East’s economic expansion, economists have created The North East Data Hub. This is a digital platform that gathers data from across the region on economy and transport. It allows users to download and compare data in an easy, user-friendly way.
Exciting developments
There have been numerous exciting developments which have arrived in Newcastle. Here are a few:-
- Stephenson Quarter – the Stephenson Quarter Development behind Newcastle Central Train Station is designed to make the area an innovation district. It’s where start-up digital businesses are going to inspire the next generation. A technical school providing high-tech training for 14-18-year olds is being built as well as a hub for new and up and coming businesses. Development also includes public squares, luxury flats and a boutique hotel in what has been described as “one of the world’s finest urban developments”.
- Indigo Park – this 82-acre site on Sandy Lane, close to the A1 at Gosforth Park, is currently being developed by North Tyneside Council in association with Highbridge Properties. The site is expected to create more than 1,000 sq ft of manufacturing and distribution space which could see the creation of 1,500 jobs.
- Central Metro Refurbishment – a scheme to change the appearance and accessibility as well as the functionality of Newcastle Metro Station is also going ahead in 2018. At a cost of around £3.5m the replacement of ceilings, platforms and escalators will make the station ultra-modern and more attractive to visitors.
Other developments in the region include the Milburngate and Riverwalk on both sides of the River Wear in Durham, Energy Central at the former Blyth Power Station and NETpark extension.
A lot of the business developments opening in Newcastle and the North East have been using bid writers to secure these jobs. Building global linkages is for many economists in the North East the key to positive growth and the creation of more jobs in the area. At last the North East economy is looking up attracting more business investors and developers than ever before.