Investment promotion agency Invest Newcastle is proud to present its Annual Review for the financial year 2022-23.
Part of NewcastleGateshead Initiative (NGI), Invest Newcastle attracted more businesses in 2022-23 into Newcastle, Gateshead and the wider North of Tyne area than in any other year since it was established in 2013, with 33 new investments in total.
Alongside 16 expansions of existing companies, the team have supported the creation of 1,068 new job opportunities for residents of Newcastle and the surrounding areas, as well as safeguarding an additional 312 jobs.
The Annual Review shows that, despite a backdrop of high inflation, rising interest rates and changeable trading conditions, Newcastle is continuing to cut through as a leading destination for investment.
The majority of investment inquiries came from our team’s key sector focus areas – Tech and Digital, Health and Life Sciences, and Energy and Sustainability sectors, which accounted for 81% of identified projects and are sector focusses for the team.
Notably, the Tech and Digital sector stood out as the most significant contributor, attracting 17 new investments in total. This further solidifies Newcastle’s reputation as a thriving and innovative tech hub in both UK and international terms.
Investors have consistently referenced the city’s strong infrastructure, skilled workforce, and a culture of innovation as being instrumental in encouraging them to lay down roots.
Internationally, Newcastle was recognised as the best mid-sized European city for foreign direct investment (FDI) strategy in fDi Intelligence’s annual European Cities and Regions of the Future Awards.
The North East region was also found to be the best performing UK region outside London for creating jobs from FDI projects, creating 5,843 new jobs through 71 investments.
Jennifer Hartley, Director, Invest Newcastle, said: “We are proud of the contribution we make to the economic future of Newcastle and the wider region and are thrilled to be reporting another record year for inward investment. We’ve worked with companies from across the world from SMEs to globally recognised brands.
“As an organisation, we are committed to spreading prosperity and opportunity in all of our communities, and each of these 1,068 new jobs, created for residents at all levels, will help achieve exactly that.
“Thanks to our partners, funders and the Invest Newcastle team for their hard work and effort in 2022-23. Showcasing Newcastle on the national and international stage is a collaborative effort and so, our success this year belongs to everyone!”