New business creation is 'Strong' in the North West, says survey
The number of North West businesses rose by nearly 11,000 during 2019, which could indicate that the startup boom is continuing, according to research by insolvency and restructuring trade body R3
The figures show that the region’s business community saw greater expansion last year than in 2018, when 8,000 additional businesses were created. However the growth rate fell short of the record years of 2017 and 2016, when business numbers rose by 14,000 and nearly 33,000 respectively.
The number of active businesses here passed 380,000 in December, a rise of 21 per cent since 2015. This compared to a 20 per cent rise for the UK overall in the same period.
Paul Barber, North West chairman of R3 and a partner at Begbies Traynor, said the figures show that start-ups continued to more than make up for the number closing.
He said: “These figures are a celebration of the enterprise culture within the North West.
"In recent years, we have seen an unprecedented number of new businesses created and, while 2019 didn’t match the peak of a few years ago, it was another strong year for business creation.
“Start-ups create new jobs and prosperity and drive innovation. They help replace declining industries to maintain a competitive economy. However, starting a business is always a risk and inevitably, not all will succeed.
“As we enter a new decade, amidst a period of uncertainty and change, it is critical that we maintain this spirit of enterprise."