Investment and business support

Significant levels of growth within the energy sector is anticipated in the RES Growth Scenario – which targets growth of the region's economy to reach 90% of the national average by 2016, driven particularly by Oil and Gas. 

   

Within the region, the highly productive energy sector is currently estimated to be worth around £900m per year, employing around 8,000 people and creating GVA per employee in excess of £100,000.  If the expected growth is achieved, then the number of full time employees employed in the North East energy sector will rise from 11,400 to 19,400 people by 2016.

  

The effect of this scenario is to increase the sector's output and GVA by 206% over the period. This is projected to result in increased GVA of £1,794m, creating a total GVA impact of the sector of £2,667m.  In comparison to other sectors, with more employees but lower GVA per employee, it is extremely profitable, and significant levels of growth within the sector are targeted and anticipated.