In March 2019, Savills reported that “Newcastle is one of the fastest growing cities in the UK, with 14,000 new jobs expected over the next 12 years.” The city currently has 282,000 people working in the private sector and 130,500 people in the public sector. The city is home to one of the UK’s most successful technology clusters, and four national centres of excellence focusing on sectors including life sciences, big data, energy systems and offshore engineering and the region has the third highest concentration of employees in financial, legal and accounting activities in the UK.
In 2020, Newcastle ranked top UK city for businesses adopting technology to gain competitive advantage. In all, the sector is estimated to produce around 25% of the region’s economic output. However, as new commercial developments spring up around the city centre and new employers move into Newcastle, the sector is likely to experience substantial further growth.
The digital sector supports over 25,000 jobs and contributes around £1.3 billion to the city economy. In 2019, the sector attracted over £100 million of venture capital funding, continuing a growth trend that began almost a decade ago. Between 2011 and 2016, the number of digital tech start-ups increased by 154%. Additionally, the digital sector is one of several high-tech industries that have been supported by JEREMIE2 funding. Launched in early 2018, the £120 million fund provides equity investments and loans to support the growth of businesses across the Northeast. It is expected to deliver 2,500 jobs over the next five years.
The city is home to two major universities; Newcastle university and the university of Northumbria. These support around 10,000 jobs and attract around 45,000 students per annum.With over 30,000 students in the region studying financial, professional and business-related courses, there is a strong talent pool. The universities also contribute £1.1 billion GVA to the local economy.
Transport & Connections:
Britain’s high-speed rail network, hs2, is intended to improve national transport links between major Cities and to improve connectivity Between north and south. Hs2 journey
Times from Newcastle east midlands hub 96 minutes Birmingham 118 minutes (current time 172 minutes) London 137 minutes (current time 170 minutes).
Travelling by both air and sea is easily accessible from Newcastle. Newcastle International Airport is situated approximately 8 miles from the city centre near Ponteland. The airport also has its own Metro station. Several companies run ferries to Europe from the International Ferry Terminal, which is about 8 miles east of the city on the River Tyne.
The Metro system has been rated as one of the country‘s most efficient modes of transport and carries more than 37 million passengers a year. It is an ideal way to get to and from the airport as well as the Jesmond café bar scene and the coastal areas.
A 2019 report commissioned by the Northern Powerhouse Partnership estimated that HS2 could potentially add up to £50 billion to the North East regional economy between 2035 and 2050
The £350 million overhaul of the old Newcastle Breweries site is the biggest regeneration the city has seen in decades. Newcastle Helix brings together industry leaders, businesses and top researchers in a new innovation community. It is an exemplar of sustainable urban development which combines prestigious commercial and residential space with first class research and education facilities in the heart of a flourishing city. The project should be completed in 2024 and ultimately create 4,000 jobs.
The UK government has also confirmed £34 million for Northumberland Line, which will reopen the line between Ashington and Newcastle. Trains are due to be running in 2024, running every 30 minutes. Additional stations across Bedlington, Blyth Bebside, Newsham, Seaton Delaval and the existing Metro station at Northumberland Park.
Additionally, North of Tyne Combined Authority devolution deal was confirmed by the UK Government in November 2018 and will deliver £600 million of investment funding over a period of 30 years. The funding extends to Newcastle, North Tyneside and Northumberland.
A £260m approved complex will include a 12,500-capacity arena, a conference and exhibition centre, and a somewhat maligned 13-storey hotel. bringing in as many as 400,000 new visitors a year and transforming a section of the Quayside currently occupied by a car park.
Pilgrim Street is a huge redevelopment project right in the heart of the city centre of new offices, restaurants, and bars. At the other end of the street, the 14-storey Bank House office block is being built on the old Bank of England site, while the city centre’s former fire station could be turned into a boutique hotel.
Adjacent to the Central Station and set to become one of the leading office and knowledge districts in the Northeast, Stephenson Quarter is a new commercial development and a College will sit alongside the existing conference, 4* hotel and office buildings. To be built over seven years creating 2,000 jobs.
Newcastle apartments have experienced a growth of 12.19% in the last 12 months and a 17.66% growth over the last 5 years. (Zoopla – April 2021 - https://www.zoopla.co.uk/house-prices/browse/newcastle-upon-tyne/?q=Newcastle%20upon%20Tyne%2C%20Tyne%20%26%20Wear
The average apartment price in Newcastle is £139,916 whereas the average price for apartments in the North East are £128,256. (according to Zoopla – April 2021 - https://www.zoopla.co.uk/house-prices/browse/north-east-england/?q=North%20East
Projects for the North East
5 years to 2025
(according to Savills - March 2021 - https://www.savills.co.uk/research_articles/229130/311753-0