For the past 12 years One North East has led the economic development of the region playing a significant role in stabilising the economic gap which existed between the region and the rest of the country that for decades had continued to widen.
Over its life time the Agency invested over £2.7bn into the regional economy, attracting and creating 19,000 businesses and helping those existing businesses become more competitive. This resulted in the creation, or safe guarding, of 160,000 jobs and the £40bn economy is now based on global strengths in process industries, advanced manufacturing, low carbon vehicles with a growing influence in new and renewable energy markets.
The One North East’s Achievement document sets out the strategy the Agency adopted, with partners, to put the region on the road to new growth and the significant achievements made along the way. It includes the targeting of potential growth sectors, the support offered to existing businesses and entrepreneurs, the physical regeneration which has changed the region’s landscape and the support the Agency provided in difficult times during the recession and in response to major job losses. The north east of 2012 is very different to the one of 1999 when One North East was established and this document goes some way to outline the major achievements over the last 12 years.
The Agency has played a major role in the significant improvements to the economic performance of the region, moving from having the lowest economic growth rate of any region to a position where it had the highest regional growth rate outside London. Business growth increased, as did employment rates, and the economy became more dynamic and diversified with rising productivity. The Economic Story examines three key economic indicators at the regional level over the past decade and provides a comparison with previous years and other parts of the country.
One North East has been a high performing organisation and the final paper in this suite of legacy documents provides a high level overview of the performance and impact of the Agency’s Programmes over 12 years, highlighting key areas of activity.