New report shows the ‘significant impact’ of Sage Group on the North East economy

New research shows Sage, the leader in accounting, financial, HR and payroll technology for SMBs, is helping to transform the economic landscape of the North East through an economic footprint of £411m and a network of almost 3,000 jobs.

With its global headquarters based in North Tyneside, Sage has been a stalwart in the North East business scene for almost 43 years with its technology being used by nearly half of the region’s SMBs.

Its pride in the region extends beyond business with Sage being the naming partner for the biggest conference and events centre development to be welcomed on The Tyne; work is due to start on The Sage in the Spring. The new report, by the Centre for Economics and Business Research, shows for the first time the true impact of that support.

A “vital” source of employment for the region:

  • Over 1,800 jobs in the North East region are directly generated by Sage but the company supports 2,963 jobs through its supply chain and wider spending.
  • Sage’s direct employee compensation from its regional workforce was estimated to be £150m.

A “significant economic contributor” to the North East business economy:

  • Sage directly generated an estimated £251m in turnover from its regional operations in FY22.
  • Combining direct (£251m), indirect (£12m), and induced impact layer (£149m), it is estimated that Sage’s operations in Newcastle support an aggregate (or total) footprint of £411m in turnover throughout the North East economy.
  • For every £1 in GVA directly generated by Sage in the North East, a further £0.48 is supported, producing a total GVA multiplier of £1.48.
  • Sage’s technology is instrumental in supporting the operations of almost half of small and mid-sized businesses in the North East, with 42 per cent of SMBs using its tech.

Paul Struthers, Managing Director of Sage UKI, commented: “Sage is proud to call the North East home, and we’re fully committed to driving regional economic growth, nurturing local talent, and empowering businesses to thrive. These statistics reflect our dedication to the region’s prosperity but also the passion behind our regional heritage.

“We believe the North East is the best place to start and grow a business, with transformational innovation happening on our doorstep, helping to foster sustainable skills and careers, while boosting the region’s economic resilience.”

Credit: Bdaily

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