Number of start ups In Tyne and Wear hits record high

Recently published figures show that more new businesses were established in Tyne and Wear during 2023 than in any previous year to date – making the county one of the most successful in the UK.

A total of 8,274 new formations were registered in Tyne and Wear during the last 12 months, an increase of 5.6 per cent on 2022 when 7,838 were recorded. This brings the number of registered companies in the county to an all-time high of 53,391.

The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.

Across the county’s districts, Newcastle upon Tyne formed the highest number of new businesses (2,853), followed by Sunderland (1,686) and Gateshead (1,421).

John Korchak, Managing Director at Inform Direct said: “It is excellent news that Tyne and Wear can celebrate a record year for new company formations during 2023.

“The year undoubtedly presented a range of challenges for business including tepid predictions of economic growth, volatility in energy prices and uncertainty from world events. However, the formation figures demonstrate very clearly that Tyne and Wear entrepreneurs remained undeterred and pursued their ambitions to establish new ventures.

“This positive picture is mirrored in the overall position for the UK which saw the highest ever number of new companies established during 2023. The total number of UK formations exceeded 900,000 for the very first time.”

The UK saw 900,006 new companies, compared to 805,141 in 2022, which represents an increase of 11.8 per cent. It brings the total number of UK companies to a record 5,476,772.

By Mark Adair – Correspondent, Bdaily

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