Having long been recognised as the hub of North East England, Newcastle has evolved beyond its industrial roots. Today, the inner city’s urban economy is worth £9.9 billion, building on the city’s legacy of technological and engineering excellence.
With over £30 billion worth of investment opportunities in the area and16,000 acres of developable land, Newcastle provides extensive venture opportunities for investors while simultaneously supporting businesses with a wide range of funding solutions, ranking as the eighth best environment for start-ups in the UK.
This is further supported by a £4.2 billion devolution agreement in the North East, which includes a £1.4 billion investment fund providing £48 million annually.
A strong culture of collaboration through public and private institutions underpins the economy, with the two universities contributing significantly to the city’s sectoral strengths in research and innovation, especially in medical advancements.
In fact, the North East is becoming a powerhouse for innovation, boasting the largest concentration of STEM students in the UK outside of London when combining Newcastle, Northumbria, and Durham universities. This creates a strong pool of talented employees, with Newcastle University ranking 5th for the highest graduate retention rate in England.
The multiple innovation hubs and collaboration centres in the city, including Newcastle Helix, The UK Nation Innovation Centre for Ageing, and The National Innovation Centre for Data, have strong academic ties to the universities, providing access to expertise and resources to drive development.
The digital and technology industries are also major economic drivers, following an increasing presence of major companies, such as Newcastle-born FTSE 100 member Sage Group PLC, Ubisoft, and Accenture, leading to strengths in gaming, e-commerce, and software development.
