Business Opportunities, North East England

By: Jenny Simpson

The North East has an area of 9,000 square kilometres with an estimated Population of 2.6 million in 2006. The GVA (Gross Value Added) per head stood at ?14,048 in 2005 and is growing above the national average, exceeding the growth levels of both London and the South East.

North East England is home to 588 overseas companies from 32 countries, employing over 27,000 people. There are a total of 76,700 business sites in the region. Expenditure on R&D by the region’s businesses is rising year on year with the latest levels of spending reaching ?281m.

Five Universities with over 50 RAE 5 or 5* rated departments and 18 further education colleges attracting almost 96,000 full and part-time students. The region has the 3rd highest graduate retention rate in the UK at 59% with many of these becoming young entrepreneurs of the future - only London has a higher rate of tech start-ups than North East England.

During 2003 the North East was the most active region outside of London for ‘hi-tech’ business start-ups.

Manufacturing accounted for 19% of the region’s GVA in 2004 compared to 14% for the UK as a whole. North East England is one of only 2 UK net exporting regions with a positive balance of payments. North East England employers are the most optimistic in the UK, with 53% of companies planning to expand staff numbers, compared to 33% in London. The region is now recognised by Europe as the leading UK region putting science and technology at the heart of its economic strategy. In this respect is has become the model for all UK regions to copy, offering a variety of trade and investment opportunities

Science Parks such as Knowledge Campus and Netpark are supporting this high-tech industry growth, as is major investment into the region’s key sector strengths of health sciences, new and renewable energy and process industries.

Creative industries such as content-based businesses, which include computer games and video production, are now growing faster in North East England than in any other region of England. There are over 2,800 creative businesses operating in North East England, employing around 26,000 people making it an ideal place for .

North East England is home to 588 overseas companies from 32 countries, employing over 27,000 people therefore making an ideal place for overseas investors looking for or .

Business and Finance
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