Business Growth Continues Above the National Average
Fri 09 Oct 2015
The Leeds City Region Enterprise Partnership (LEP) has welcomed significant progress in the rate of business growth, as new figures place the city region ahead of the national average.
The latest growth data, released this week by the Office of National Statistics, shows there are now 119,000 businesses in Leeds City Region, representing an increase of 9 per cent from 2014.
The new figures show that the city region is home to 5 per cent of all businesses in England, yet contributed 6 per cent to total national growth last year.
The data highlights the economic growth has come from small and medium businesses, with the number of large businesses in the region remaining steady. This significant growth outpaced that for the UK as a whole, which has seen an increase of 7 per cent.
LEP chairman Roger Marsh said the "extremely positive data" demonstrated
"the incredible power of our city region economy and the level of ambition and entrepreneurial zeal that exists here".
"Of the now 119,000 businesses in our city region, 99 per cent are SMEs," said Marsh. "If they grow, our economy grows and our LEP ambition is to help these companies fulfil their extraordinary growth potential.
"The LEP is actively supporting small and medium sized businesses to continue on their growth trajectory with a range of business support activity available through our recently launched growth service.
"We will now build on this momentum, supporting those ambitious businesses to explore new opportunities – continuing to grow the regional economy and contribute to the creation of a Northern economic powerhouse."
Thriving business sectors include the business administration sector and professional, scientific and technical services, both gaining 2,000 new businesses - a 29 per cent and 13.5 per cent increase respectively.
The hospitality sector expanded by 1,100 new businesses equating to 14.5 per cent growth, alongside 950 new logistics businesses, an increase of 23.5 per cent.