As one of the fastest growing regional economies, Newcastle upon Tyne has firmly positioned itself amongst the UK’s ‘core cities’ and an important strategic location for inward investment.
From global companies looking at the UK to upscale and grow, national firms relocating outside of London, and local SMEs launching or capitalising on new market opportunities, Newcastle has witnessed a major transformation over recent years.
New industry clusters have emerged, multi-million pound developments have been constructed or are taking shape, transport and infrastructure routes provide direct national and international connectivity, and a strong commercial vision is now being realised, catapulting Newcastle upon Tyne onto a world stage as a city to ‘do business’.
This ‘pull’ is further strengthened and supported by new, modern office schemes such as AirView Park, where 20,000 sq ft of prime commercial space will soon be available for occupancy next to Newcastle International Airport as Phase Two completes.
The development, along with other supporting sites across the city centre and beyond, is helping companies to relocate, or remain and expand their operations in Newcastle upon Tyne, providing premises which are fit-for-purpose and matching their business needs.
This is a key facilitator, with developers including Tynexe Commercial Ltd, providing space to meet the local market whilst helping to accelerate growth, investment and employment opportunities for the wider North East region.
By 2030, Newcastle upon Tyne has ambitions to create 210,000 new jobs, increasing the population to approximately 310,000, providing 30,000 new homes and growing the student population to 60,000.*
Furthermore, the Government’s recently-signed North East devolution deal is also set to bring more opportunities for local businesses, employees and communities, as well as help attract a new wave of organisations to the area. It has the potential to start generating over £4.2bn of investment through economic growth, education, transport and housing programmes, and is expected to create 24,000 extra jobs and leverage £5bn of private sector investment.**
Fast growing sectors including the tech cluster, life sciences, professional services and renewables have already embraced what the city, the region and its development sites have to offer, and have seen huge success. Within the digital, creative, gaming, e-commerce and tech sectors, Newcastle is home to some of the world’s most recognised brands including Sage plc, Ubisoft (UK Games Studio), BBC (Tech Hub), Atom Bank, Epic Games and Tombola helping this £2bn+ industry employ approximately 40,000 people in 3,000 different businesses. The region’s gaming network/cluster is already the fourth largest in the UK.
In life sciences, significant advances are being made by companies developing innovative, world-class products, and this has led to a rapid need for modern, fit-for-purpose, office and laboratory space. City centre sites like the Newcastle Helix are close to full occupancy, whilst out-of-town developments like AirView Park are now scoping the possibility of delivering a dedicated, bespoke-build, life sciences zone to support established and start-up companies in clinical research, diagnostics, health innovation and ageing. This £1.1bn ecosystem currently employs 7,000 professionals across 200 businesses with a lot more to come.
There is a real sense of determination from the business community and an ongoing drive by the likes of Invest Newcastle, Invest North East England, the North of Tyne Combined Authority and the North East Local Enterprise Partnership to attract big names to Newcastle and the North East generally. Other industries, such as renewables, offshore energy and advanced manufacturing, are seeing rapid growth too, bringing new opportunities and significant investment to wider areas including South East Northumberland and Sunderland.
Newcastle upon Tyne, as a city for business, is still very much on the up, and more recent cash injections from the Government’s levelling up agenda can only boost its appeal (and investment potential) further to consumers, tourists, entrepreneurs and the wider business community.
With a loyal, hardworking labour market of 1.2 million people and world-leading education institutions on the doorstep too, it is little wonder why 71,000 companies choose to call the North East their home.