South west businesses grow faster than UK average

The number of south west businesses is growing faster than the UK average.

The number of south west businesses is growing faster than the UK averageThe Office of National Statistics (ONS) has Latest figures from the Office for National Statistics show that the growth rate for new businesses was 13.7% in 2013/14.

The number of businesses that ceased trading also declined with closures decreased from 9.7% to 9.6% in 2013/14 – the lowest fall rate since 2008.

The ONS attributes the rise of business start-ups were due to a strengthening of the labour market with an employment rate rise from 70.1% in September 2011 to 73.2% at the end of 2014.

An alternative measure of business demography uses “employer enterprises” – enterprise with at least 1 employee.

New data on employer enterprises are contrasted for the first time with the harmonised business demography data which includes both employer and non-employer enterprises.

The employer enterprise birth rate, as a proportion of all active employer enterprises, for 2014 was 14.6%, compared with a birth rate of 13.7% for all enterprises, as a proportion of all active enterprises.

The employer enterprise death rate for 2014 was 9.3%, compared with a rate for all enterprise deaths of 9.6%.

Here in the south west of England there were 12.5% more new employers and 11% more businesses. Even more positively the number of employers in the south west which closed was only 8.5% and overall 8.9% of businesses closed.

Overall findings show that London was the region with the highest growth rate (17.7%) and fall rate (10.6%) and that business administration and support services had the highest growth rate at 2.7%, whilst accommodation and food services had the highest fall rate at 13.1%.

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