New research by leading KPMG Demographer, Bernard Salt reveals Newcastle is set to become an entrepreneurial hotspot as a result of greater connectivity and projected shift towards the growing service economy.
Commissioned by NBN Co, the Newcastle Lifestylepreneur Report reveals while the area has faced a significant shift in its employment structure since transitioning away from heavy industry, micro businesses (1-4 employees) in Newcastle have increased by five per cent in the last two years.
While Newcastle’s economy was once underpinned by steel and coal mining, the report shows emerging businesses in public administration and safety (up 26 per cent), construction (up 14 per cent) and financial services (up 13 per cent) have shown the most growth since 2014 the town embraces the service economy.
The report also identifies entrepreneurial hotspots surrounding Newcastle where micro businesses are booming with Stockton (up 30 per cent), Mt Hutton (up 20 per cent) and Edgeworth (up 18 per cent) leading the charge.