The radical transformation in Newcastle in the last two decades has laid the foundations for a bright economic future, according to my colleague Simon Hanson who has analysed the Tyneside renaissance for a new report on the state of the UK's major cities.
But he points out that Newcastle will not achieve its full potential unless certain factors that could constrain its growth are dealt with.
Transport is a critical issue - and Simon highlights the need to bring the Tyne and Wear Metro up to 21st century standards to keep the city moving.
Another big concern among the many business leaders he spoke to in his research is the planning system, which has too heavy an emphasis on controlling, rather than enabling, job-creating development.
Ultimately, Simon highlights the need for a new generation of dynamic leaders in both the private and public sector to emerge if the city's recent impressive growth is to continue on the same trajectory.
Young, talented business leaders will obviously be essential, as they will find the city's economic future in their hands. NECC is taking this challenge seriously by sponsoring a Foundation Degree in leadership and backing the Junior Chamber International programme.
But they will also need top quality leaders, backed by structures which allow them to make bold decisions, at bodies including the city council and the new city development company, who can respond to businesses' concerns and create the conditions in which they can continue to thrive.
Simon's analysis - which appears in a report published by the British Chambers of Commerce - concludes by laying a challenge for both business and public bodies to step up to the mark to make sure this potential is realised.
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James Mills is a web developer in the North East of England and founder of Refresh Teesside »
Mike Hughes is the Head of Business for the Evening Gazette. He will be blogging on all matters of importance to Teesside businesses - and some that are just worth knowing »
Jez Davison, business writer at the Evening Gazette, is a regular blogger on all things business - particularly finance, entrepreneurship and the state of the Teesside economy »
Karen McLauchlan is the Evening Gazette's deputy business and features editor - with special interest in all things industry, property and arts related »
Jeremy Middleton is a venture capitalist and the co-founder of FTSE-200 company HomeServe »
Deloitte, which has 23 offices across the UK including Newcastle, is among the country's leading professional services firms »
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