The North East has seen an increase in foreign direct investment (FDI) projects, despite the UK attracting fewer overall.
New research from accountancy firm EY shows the region was the fastest growing in England for projects, which totalled 40 in 2022 - up from 30 the year before. It now means the North East ranks ninth of 12 UK regions, up from 11th previously, in a move that came in contrast to the UK experiencing a 6% fall in projects.
Utility supply accounted for the largest share of North East FDI projects, as manufacturing, sales, business services and research and development were the most prominent activities driving FDI projects in the North East last year. Newcastle was identified by the EY UK Attractiveness Survey as the ninth best location in the country for foreign investment, coming in behind Manchester - the frontrunner outside of London.
