Leeds City Region outpaces national economic growth
The 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 on 6 October by the Office of National Statistics, shows there are now 119,000 businesses in Leeds City Region, representing an increase of 9% from 2014. The new figures show that the City Region is home to 5% of all businesses in England, yet contributed 6% 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%.
LEP Chair, Roger Marsh OBE, said:
“I’m delighted to see this extremely positive data which demonstrates 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% are SMEs. 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.”
“This is great news, but it is not job done – it is job well begun.”
Thriving business sectors include the business administration sector and professional, scientific and technical services, both gaining 2,000 new businesses - a 29% and 13.5% increase respectively. The flourishing hospitality sector expanded by 1,100 new business equating to 14.5% growth, alongside 950 new logistics businesses, an increase of 23.5%.
The full ONS report can be found here.
For businesses ambitious to grow their business, contact the LEP today to find out what support is available. Call 0113 348 1818 or email Businessgrowth@the-lep.com