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Research reveals £2.5billion impact of North East business support

A leading North East provider of workspace and business support has provided a £2.5bn boost to the region’s economy since opening its doors 30 years ago, research has revealed.

Paul McEldon OBE Chief Executive at the North East BIC (Image: North East BIC)
Paul McEldon OBE Chief Executive at the North East BIC (Image: North East BIC)

An impact report conducted by the North East BIC shows how one of the region’s largest social enterprise – which currently houses over 300 companies across four business centres – has helped create and support thousands of jobs.

Providing a home to over 1,100 businesses over three decades, the economic impact of the BIC’s flexible workspace is estimated to be in excess of £1bn, with its free business start-up support also helping to launch over 6,000 firms, representing an economic contribution of over £750m.

Add to that the numerous other business support initiatives the BIC has delivered, including innovation advice and grant funding, and the research has calculated an overall economic boost of over £2.5bn.


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