Foreign direct investment (FDI) into the North has increased by 72% in the last five years despite dropping across the rest of the UK, new research has revealed.
A new analysis by the Northern Powerhouse Partnership (NPP) found that FDI into the North rose from $25.4bn between 2012-16 to $43.7bn between 2017-21.
By contrast, FDI into Greater London dropped 23% over the same time period - from $43.4bn to $33.4bn.
The North also increased its share of overall FDI into England - from 19% in 2012-16 to 33% in 2017-21, according to the NPP.
According to the analysis, the number of jobs created in the North from inward investment rose from roughly 52,600 in 2012-16 to 62,100 in 2017-21 – an 18% uplift.
The rest of England reported a rise of just 1% over the same time period while Scotland, Wales and Northern Ireland reported drops of 19%, 41% and 37% respectively.
NPP vice-chair Jim O’Neill said: ‘The mission to put the Northern Powerhouse on the world map has been a resounding success and a huge amount of credit should go to the genuine cross-party effort between central Government and northern civic leaders to make this happen.’
