The 20m (66ft) high structure was installed 10 years ago
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The Angel of the North has been a massive boost for the local economy, a report has found.
It was praised for its positive affect on tourism and for promoting and creating a new identity for the area.
Gateshead Council commissioned the study, which examined the impact of public art on regeneration.
About 400,000 people visit the iconic sculpture each year, and its success has helped the council attract an estimated £145m in lottery funding.
The independent report found that visitor numbers, business start-ups and employment would not have increased as fast without the impetus given by the sculpture.
It said that although it was difficult directly linking things like jobs and revenue to a free attraction, the Angel had heralded a "new beginning and formed a vital component within a broader package of measures."
Councillor Mick Henry, leader of Gateshead Council, said: "Building the Angel was a brave and innovative move and this report demonstrates how much the sculpture has done for the region."
"While it's very difficult to measure the success in purely commercial terms it's clear that a new spirit of confidence coincided with the Angel coming to Gateshead.
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