NEW CASTLE UPON TYNE
New castle is the regional capital of the North East and has a diverse , service-led economy. The city has a population of 293,000 and forms an integral part of the Tyne side conurbation. This is the seventh largest in the country,with a population of 775,000.
New castle has seen extensive commercial and culture-led regeneration over the last 20 years,which has changed the structural dynamics of a local economy that once relied on heavy industry and manufacturing, to one based around professional,scientific and business services. Data from the Centre for Cities shows that New castle boasts one of the best records for creating private sector jobs over the last five years of any UK city.
The New castle economy is performing strongly with the highest wage growth of an UK city in 2016/17 at 6.3%, supported by GDP per capita growth of 4.4%. Tourism growth is at 7%, well ahead of the 4% national average, whilst the city’s next generation of talent comes from the two highly regarded universities, which contribute to the city-wide economy in both undergraduate and post-graduate life with a total number of approximately 52,000 students studying at the institutions.
This contributes to a diverse and multi-lingual community with over 20,000 overseas students from over 110 countries choosing to live in the city and going on to be hired by the region’s employers.
With a 55 % graduate retention rate the city’s tech sector is increasing in prominence with an anticipated growth of 28% over the next three years; in addition to the already well established professional services sector.