Foreign cash will create 6,000 North East jobs

Guy Currey, left, Invest North East England director, with Nic Marshall, ResQ chief executive, centre,, and Peter Rippingale, Inward Investment Manager at Business Durham.
Guy Currey, left, Invest North East England director, with Nic Marshall, ResQ chief executive, centre,, and Peter Rippingale, Inward Investment Manager at Business Durham.

More than 6,000 new jobs will be created over the next three years by firms investing in the North East, according to new figures.

The statistics were unveiled by Invest North East England on behalf of the region’s seven local authorities and the North East Local Enterprise Partnership (LEP).

They show 84 inward investments in the region between April last year and March 2017, by companies creating a new base or expanding existing operations.

Automotive, IT, manufacturing, energy and financial and professional business services were the sectors responsible for much of this investment.

The figures include:

* 84 inward investment projects in the North East economy

* 64 of these investments were from foreign companies

* 20 were made by UK-owned firms previously from outside of the region

* These investments will create more than 6,000 new jobs over the next three years – up by more than 2,000 jobs on last year.

* The United States continues to be the biggest overseas investor in the North East economy

Successes include ResQ, the UK-owned contact centre business, creating 1,200 jobs in Seaham; Belgian-owned Smulders, based in North Tyneside, creating 300 new jobs in the energy sector and Nissan’s continued investment and re-investment into its Wearside plant.

The United States continues to be the biggest overseas investor in the North East economy

Invest North East England provides a single point of contact for inward investment enquiries on behalf of the region’s seven local councils.

Director Guy Currey said: “The latest inward investment statistics are highly encouraging and show how attractive a location North East England is to foreign and UK-owned businesses.

“Companies who choose to invest here tell us the region’s highly skilled, flexible workforce, unrivalled business accommodation and connectivity to global markets means they make a great return on their investment.

“Many recent investments are in our sectors of world class strength – automotive manufacturing, financial and professional business services, energy and IT – building strong foundations for continued sustainable economic growth.

“To build on the success from last year, the team are now working proactively in market to generate further interest in the North East and create more jobs.”