North West is a top area for start-ups, research shows
The North West is a top area for start-up businesses, with the number of businesses in the region increasing by 10 per cent in 2016, according to research from insolvency and restructuring trade body R3.
The research found that there are now a record number of start-ups in the North West, with an additional 32,774 businesses in the area than at the end of 2015. This brings the number of businesses in the region to more than 347,200.
The research showed that despite business growth in the North West being lower than the national average of 25 per cent, the region still outperformed London, where there was a growth of only 6 per cent in the number of new businesses.
The fastest-growing sectors were also revealed in the survey, with the transport sector being found to have seen the highest increase in the number of new businesses at 46 per cent. This was followed by restaurants, which saw an increase of 25 per cent, construction at 15 per cent, IT and technology at 14 per cent, and professional services at 11 per cent.
Commenting on the findings, RS North West Chair Richard Wolff stated that “People are becoming more entrepreneurial and are happy to run their own business.”
He added that although the technology sector commands the most attention, the largest growth in business numbers is from traditional kinds of businesses, with various factors causing growth in each sector.