Newcastle is the regional capital of the North East and, along with Gateshead, is the main growth centre. Newcastle’s economy has been steadily improving in recent years, although this should be seen in the context of both the city and its region still being below the national average for productivity and prosperity.
Newcastle has a proud industrial history as a national and international centre for shipbuilding, mining and other “heavy” industries. During the 1970s and 1980s Newcastle’s industrial base diminished and wasn’t adequately replaced, as a result people slowly lost confidence in the City, unemployment increased and people moved away. Social and environmental decline inevitably followed and the effects of this are still being felt. There are continuing high levels of unemployment – 8.2% compared to a national average of 5.3%; those in work receive lower than average gross weekly earnings - £406 in 2006 compared to a national average of £449; and there are higher than average rates of sickness, disability and lower life expectancies.
Against this background it is important to note that economic growth in the North East exceeded the national average in 2001 and 2003 and is outperforming European averages, while business survival rates have improved significantly and the level of entrepreneurialism has grown. One of the key drivers is the vision of the creation of a knowledge based economy.
The City of Newcastle has a population of around 270,000 (census 2001) of whom 14% were aged between 5 and 15 compared to a national average of 12%; 18% were aged between 16 and 29 compared to the national average of 26% and 17% were over the national retirement age compared to a national average of 18.6%. Recent projections suggest that there could be an increase in the population and number of households in the City fuelled by a combination of continued inward migration and the growing number of young professionals graduating from the region’s universities and choosing to stay in the City. There is also expected to be an increase in the ageing population and forecasts show that by 2028 a 57% increase is expected in the over 85 aged group, and it is projected that by the same date people over 65 will outnumber those who are aged 19 and under for the first time.
Newcastle was voted as the Best City in the North in April 2007 by The Daily Telegraph newspaper - beating Liverpool, Manchester, Sheffield and Leeds. An increasing number of students want to study at the two city universities which have a high profile across the country. Northumbria University was named as Best New University by The Times in 2005. As mentioned earlier, an increasing number of graduates are choosing to stay here, and the drive to create new industries in the City has been led by the opening of the “Centre for Life”, country’s first biotechnology village which is one of the first steps in the City Council's plans to transform Newcastle into a science city.
Newcastle has a reputation for being a fun-loving city with many bars, restaurants and nightclubs. In fact, the 2006 'Rough Guide to Britain' placed Newcastle upon Tyne's nightlife as Great Britain's no. 1 tourist attraction! In the city, the biggest noticeable difference in the last ten years has been increased opening hours, more upmarket bars, a greater range of clubs and some of the older traditional pubs closing, although many have been revamped and remain very popular. The city has a wide variety of restaurants and has a Chinese village with many Chinese restaurants on Stowell Street.
