The number of businesses in North Tyneside has grown by 30 per cent over the last five years, according to new figures.
The total stock of businesses in the borough increased from 3,890 in 2012 to 5,060 in 2017 – a rate of growth higher than the regional and national average of 24 per cent.
North Tyneside Council provides specialist support and guidance to new start-ups and existing businesses through its Business Factory and Business and Enterprise team. Invest North Tyneside – the authority’s inward investment arm - offers support and advice on business investment in the region.
Latest figures also reveal that nearly 95 per cent of businesses which have started up in the borough, survive their first year, comparing strongly with the North East average of 92 per cent and the UK average of 89.7 per cent.
And the self-employment rate has soared since the enhanced Business Factory project launched in 2013 – the gap between North Tyneside and the UK has closed from 3.5 per cent to 2.3 per cent and overtaken the regional average.
Norma Redfearn CBE, North Tyneside’s Elected Mayor, said: “I am delighted to see that our work to support businesses is producing such positive results.
“North Tyneside is fast becoming a one-stop shop for new start-ups, existing companies looking to expand and national and global firms moving here.
“Thanks to our Business Factory, Business and Enterprise team and Invest North Tyneside, the borough is a dynamic and fast-growing environment where businesses can thrive.
“Not only is this is great news for all the businesses but also for our residents and young people, many of whom are employed by these companies or are starting out on new careers as apprentices.”
Other key achievements in the borough over the last five years include:
• Helping 1,653 businesses to start up
• The total number of apprenticeships created is 12,820
• A total of 7,775 jobs have been created – more than 5,000 were new jobs and nearly 2,700 were transferred from other areas
• Cobalt Park is now 90 per cent occupied and home to nearly 14,000 employees
• Quorum Business Park is 65 per cent occupied and home to more than 5,500 employees
• A record number of investment projects have been secured working with national and global firms
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