New investments to add 1,600 jobs to city region

THE body tasked with attracting investment to Newcastle and Gateshead said new companies brought to the area will help create more than 1,500 jobs in the coming years.

- BY GRAEME WHITFIELD

Invest Newcastle, part of NewcastleGateshead Initiative (NGI), has released its annual review of inward investment, with 31 new companies setting up in the area, while another nine expanded their operations. It says the investments will help to create 1,618 jobs over the next three years, contributing an estimated £62.5m in gross value added to the local economy.

The number of new companies coming to the city was the second highest since Invest Newcastle began work to bring in new firms in 2013. 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 which has relocated its headquarters from Durham to The Pattern Shop, behind Central Station.

The sectors attracting investment were led by energy and sustainability, which was responsible for just over a quarter of the projects. A number of this year’s arrivals were due to relocation from other parts of the UK rather than foreign direct investment.