Invest Newcastle, part of NewcastleGateshead Initiative (NGI), has released its annual review of inward investment, revealing another strong year for job creation and business attraction.
Invest Newcastle said it supported 31 new companies to establish an employment site across Newcastle and Gateshead in the financial year to March 31, 2025, while a further nine businesses expanded their operations during the period.
“These investments are set to create 1,618 jobs over the next three years, contributing an estimated £62.5m in gross value added to the local economy,” said Invest Newcastle.
“The number of new companies coming to the city was the second highest since Invest Newcastle began delivering a business winning service in 2013.
“Notable new arrivals include Neptune North, a software development company, which is creating up to 200 jobs at Bank House and Atom Bank, a fintech company with deep roots in the North East, which has relocated its headquarters to The Pattern Shop, bringing over 400 jobs to the city.
“Life sciences and drug development consultancy Coronado Research also opened an office in Newcastle last year, as did construction management business Rider Levett Bucknall and planning consultants Axis.
“Gateshead saw the arrival of energy storage and battery technology business, Titanvolt, alongside companies such as Kada Research, Battlekarts and Metro Bank.”
The sectors attracting investment last year were more diverse than ever, with energy and sustainability responsible for 26% of all projects followed by the visitor economy (23%), corporate services (19%) and digital and tech (16%).
The city also saw investments in the defence and creative industries sectors, both of which are predicted to become major growth areas for Newcastle and Gateshead over the coming years.
NewcastleGateshead Initiative CEO Sarah Green said: “This year’s results demonstrate the resilience of Newcastle and Gateshead as investment destinations.
“Even amid a more complex and cautious global economic environment, the fundamentals of the city remain strong as we see investment in sectors that will define the future economy.
“We are increasingly benefitting from the rise of hybrid working, with companies opening offices in the region to accommodate employees who want to achieve a better quality of life by moving to the North East.
“Looking ahead, we remain focused on adapting to changing market dynamics, strengthening our business relationships, and ensuring Newcastle and Gateshead continue to offer one of the most compelling and future-facing investment propositions in the UK.”