AN umbrella group has passed the £1bn mark in the amount it has added to the region’s economy.
The North East Process Industry Cluster, which represents chemical and process industries in the region, has reached the landmark after only forming six years ago.
NEPIC has generated over 166 times the investment made into its activities and chief executive Dr Stan Higgins said: “A key part of our success has been bringing together the huge pool of talent that exists in the North-East and using this to help attract investment into the region”.
Figures show NEPIC has won new investments that have secured or created 3,364 jobs as well as boost its membership to 550.
According to research undertaken by the Chemical Industries Association in conjunction with the Office of National Statistics, each job in the process sector in the UK generates more than £92,000 per annum of value to the UK economy.
Dr Higgins added: “I hope that the value of this work will be recognised by the Government, as our ability to achieve similar results in future will depend on receiving some support from the public purse.”