The North East has beaten all other UK regions in creating jobs from inward investment, new figures show.
Annual statistics from the Department for International Trade (DIT) show that inward investment to the North East created 5,843 new jobs, more than any other region outside London, despite being the smallest region in the UK.
Of those jobs, the vast majority - 5,495 - were created in the North East LEP area covering Tyne and Wear, Northumberland and County Durham. 348 new jobs were created in the Tees Valley.
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The new jobs included investments by well-known firms such as Amazon and Just Eat, which between them are creating around 2,500 jobs in Gateshead and Sunderland. Newcastle has seen more than 500 digital jobs created with a string of global technology firms setting up in the city, while international alarm specialists Verisure, which employs nearly 500 people in North Tyneside, is relocating into larger premises following significant growth.
Guy Currey, director of Invest North East England, said: “Once again, the North East has punched far above its weight and has capitalised on positive growth to attract a range of transformative inward investments into the region. Last year, we created over 8,500 new jobs in the region while safeguarding many more roles despite a massively uncertain time for business across the world.
“The exceptional flows of inward investment into the North East over the last year shows the region’s commitment and drive to grow the local economy and further strengthen our position as a leading destination for global business. This result is a testament to the hard work and forward-thinking that is going on here in the region.”
The region’s success in attracting investment has included key sectors of the economy such as electrification, where US firm Turntide Technologies has invested £100m to buy North East firms Hyperdrive, Borg Warner Gateshead and Avid Technology, while Chinese company Envision AESC is building a new gigafactory to supply batteries to Nissan.
There have also been big successes in offshore wind, such as the JDR Cables’ decision to build a new factory at Cambois, near Blyth.
Lucy Winskell, chair of the North East LEP, said: “Our region’s growing reputation on a national and international stage has continued to attract new and expanding businesses to the North East, creating more and better jobs for local people and building a stronger and more competitive regional economy.
“The North East is a hive of world class skills, especially in emerging industries like advanced manufacturing, renewable energy, digital and tech, and health and life sciences. Because of this, and our existing infrastructure of Grade A office accommodation, global transport links, and unrivalled quality of life, businesses want to be based in North East England so they too can benefit from our amazing regional assets.”
North of Tyne mayor Jamie Driscoll said: “The North East pulled together when we needed to during the worst days of the pandemic. When we work together we can thrive as we recover, creating jobs and opportunities for everyone. The right inward investment helps us to build an economy that leaves no one behind.”
