The North East Local Enterprise Partnership (LEP) published its second annual Our Economy report on Friday 10 May at an event at Crowne Plaza Newcastle.
Providing an update on the current performance of the North East economy and how it is changing over time, Our Economy 2019 also looks at what makes the North East a competitive place for businesses and residents.
Victoria Sutherland, Senior Economist at the North East Local Enterprise Partnership, said: “Our Economy 2019 uses a range of indicators to give us a clearer picture of how our region is performing.
“We’ve been able to look at important factors like how many businesses there are in the North East and whether they are growing, innovating and exporting. We’ve also looked at how many jobs there are in the North East, how many of our residents are in work and the levels of investment into the region.
“By understanding what the statistics tell us about our economy, we can focus our efforts on the most important issues and identify the activities that will help achieve the ambition set out in the Strategic Economic Plan to create 100,000 more and better jobs.”
Each year, the Our Economy report takes a more detailed look at a particular topic. This year it focuses on what makes the North East a competitive place. Being competitive is about providing the right environment for the region’s existing and potential businesses to invest and grow and somewhere individuals can realise their ambitions, building and nurturing confidence.
The evidence in Our Economy shows that innovation, business structure and technological readiness, and efforts to build the skills and capabilities of residents are all key factors underpinning the North East’s competitiveness. It also highlights the assets in the region that contribute to a high quality of life.
The event in Newcastle featured keynote speakers including Richie Ramsden, Head of Data Science – Innovation Incubator at AkzoNobel, who considers the North East to be the best place in the UK to undertake data science. Professor Jane Robinson, Dean of Engagement and Place at Newcastle University, spoke on how the North East’s universities contribute to the region’s success.
Andrew Hodgson, Chair of the North East LEP said: “Given the political and economic uncertainty we’ve experienced in the last few months, it’s more important than ever we continue to review the performance of the North East economy.
“The data in Our Economy 2019 shows we can have confidence in our approach, but it also identifies the areas, as a region, we need to address, for example, low levels of innovation. This kind of detailed analysis is vital as we continue to develop the North East Local Industrial Strategy in partnership with government.
“Our Economy continues to be an important resource for the region and I’d like to thank everyone that contributed to this year’s report.”
To read the North East LEP’s Our Economy report in full, click here. It provides detail on progress against the North East Strategic Economic Plan (SEP) targets, including the region’s ambition to create 100,000 more and better jobs by 2024. To read the Strategic Economic Plan, click here.