Technical and professional sector sees biggest boost in SMEs
New research from Hampshire Trust Bank has revealed the sectors in the UK that have seen the highest levels of growth in SME entrants since 2010, with the technical & professional sector experiencing the biggest boost.
The research found that whilst construction and retail had the highest percentage of SMEs overall, these sectors had the lowest percentage of start-up entrants at 4 per cent and 3 per cent respectively, with issues such as financial concerns and competition being cited as barriers to growth.
Other sectors that have seen high levels of growth since 2010 include information & communication, business services and transport & distribution, with a growth of 33 per cent, 25 per cent and 22 per cent respectively.
The services sector also saw an increase in SMEs, with a rise of 19 per cent, whilst the real estate sector has grown by 17 per cent.
The hospitality and manufacturing sectors also featured in the research, experiencing a growth of 13 per cent and 6 per cent respectively.
Overall, the UK has seen an increase of 17 per cent in the number of SMEs since 2010. The research also revealed the sectors in which business confidence is at a high, with three in five accountancy, IT and communication businesses feeling the most optimistic.
Hampshire Trust Bank Chief Executive Officer, Mark Sismey-Durrant, said: “Our report identifies the critical role of SMEs within the economy, particularly the many micro firms that are emerging in the UK.”
He said that it is encouraging to see SMEs enter all sectors from 2010 to 2015, and many are identifying opportunities for growth. He added that the figures are a source of optimism for the Government in terms of providing employment and long-term economic prosperity for the future.