City feeling pinch in credit crunch
Jul 23 2008 by Paul James, The Journal
A turbulent few months
IN May, One NorthEast’s chief economist Paul Mooney said that the region was "remarkably well placed" to survive the economic slowdown.
But his warning that the days of uninterrupted economic stability were over have been reflected in a turbulent few months. Housebuilders Bellway, Persimmon, Barratt Developments and Taylor Wimpey have all cut jobs in the region.
Last week Dickinson Dees, the region’s biggest law firm, announced it was laying off around 70 staff.
Recent weeks have also seen manufacturer Tanfield shelve plans to build a factory in the North East with space for 500 staff.
Sunderland firm ScS was saved at the last minute with a private buyout while 400 people in the city will be made redundant when US bank Citi-Group closes its base at Doxford International Business Park.
Unemployment figures from the Office of National Statistics suggested a rise of 17,000 on the previous quarter, but labour market statistics this month showed a rise in the number of jobs available in the region – up by around 3,000 on last month.
One creates 17,000 jobs
REGIONAL development agency One NorthEast has met or exceeded key performance targets, figures revealed yesterday.
The Department for Business, Enterprise and Regulatory Reform (BERR) said ONE had created 17,144 new jobs and helped 8,988 people to get a job; created or attracted 3,770 new businesses; attracted £404.3m of investment to deprived areas (70% of it from the private sector) and regenerated 70.64 hectares of brownfield land. ONE said highlights over the last 12 months included:
Californian wind energy giant Clipper Windpower selecting Blyth for a new generation of offshore wind turbines.
Nissan’s announcement that its latest model is to be built in Sunderland.
French firm Fabricom Offshore Services Ltd creating a base for its offshore oil and gas engineering business in North Tyneside, creating 250 jobs.
The £3m North East Stem Cell Institute laboratories opening at Durham University.
The opening of the £20m Sunderland Aquatic Centre.
