Regional investment agency Codeworks says area is set for digital industry spike
The North East UK's regional development agency Codeworks has predicted that the Teesside area is on the cusp of a boom period.
Interactive software companies in the region already turn over more than £256m a year says the agency and will eventually eclipse every other local knowledge based sector.
Codework’s chief executive Herb Kim told NEbusiness: “This is a highly valuable sector. New media, games and interactive software companies currently generate £256m in turnover regionally, with 14% of the highly valuable new media, videogames and interactive software companies each turning over in excess of £1m per annum.
“We're already home to a growing number of hugely successful digital businesses. Teesside is also home to a very strong video games development sector.
“Over the next 10 years, we expect growth in job numbers and productivity in the digital industries will eclipse other knowledge economy sectors as well as the region's economy in general.
“Businesses in the digital age don't face the same geographical limitations as even a few years ago. On a practical level, there is little that a company in San Francisco can do that a similar-sized company in Newcastle, Sunderland or the Tees Valley can't.
“Because of that, we know the next digital giant - the next YouTube, Google or eBay - could potentially come from the North-east."