North East tops nationwide list for inward investment successes in “huge regional achievement”

North East England has topped the list of UK regions for new job creation from inward investment successes, following annual statistics by the Department for International Trade (DIT).

Consisting of new foreign direct investments and expansion projects from existing foreign-owned companies across the region, DIT’s statistics record that the North East LEP area attracted 5,495 new jobs in the year April 2021 to March 2022, the highest number of inward investment jobs for any area outside of London.

When the figures are calculated as a proportion of population (to compare small against large regions), the North East attracted proportionally nearly 50 per cent more jobs than London.

When UK companies moving to the North East are included in the figures, more than 8,500 inward investment jobs were attracted to the North East last year, the most successful year to date for the team at Invest North East England (INEE). These figures relate to the area covered by INEE, Northumberland, Tyne and Wear and County Durham.

This is a “huge regional achievement” shared among INEE, the region’s two combined authorities and seven local authorities and the Department for International Trade (DIT) who collectively have supported a large proportion of investment projects.

It is said to have been an “outstanding” year for inward investment success in the North East, especially around the electrification sector, with US company Turntide Technologies investing £100m in acquiring Hyperdrive, Borg Warner Gateshead Division and Avid Technology.

Envision AESC is currently building a new gigafactory at the International Advanced Manufacturing Park near Nissan, and, although not included in last year’s figures, Britishvolt is planning to create 3,000 new jobs at Cambois, Northumberland when its gigafactory is completed.

Guy Currey, director of INEE, said: “Once again, the North East has punched far above its weight and has capitalised on positive growth to attract a range of transformative inward investments into the region.

“Last year, we created over 8,500 new jobs in the region while safeguarding many more roles despite a massively uncertain time for business across the world.

“The exceptional flows of inward investment into the North East over the last year shows the region’s commitment and drive to grow the local economy and further strengthen our position as a leading destination for global business. This result is a testament to the hard work and forward-thinking that is going on here in the region.”

Credit: Bdaily

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