More than 600 new businesses set up in West Norfolk in past year
More than 600 new businesses were set up in West Norfolk during the past year which adds to the overview of the county being a positive place to start new ventures.
Figures just published show that 4,399 new companies were formed in Norfolk during 2017. This brings the total number of registered companies in the county to 36,459, up from 34,374 at the end of 2016, which equates to 6.1% growth.
The statistics come from the Inform Direct Review of UK Company Formations using data from Companies House and the Office for National Statistics.
Norwich formed the most new businesses with 1,230 start-ups, followed by West Norfolk with 614 and Breckland with 607.
John Korchak, director of operations at Inform Direct said: “These figures for new company formations during 2017 show that Norfolk continues to be a fertile ground for entrepreneurs and new business ventures.
“Although a successful year, there was a fall in the number of new businesses established in 2017, compared to the previous year – 4,399 versus 4,480 in 2016 – which mirrors the national trend. This slowdown could be attributed, at least in part, to ongoing political uncertainty and concern in the business community over the impact of Brexit.”
Across the UK as a whole, there was a reduction in the number of new company formations – 634,116 compared with 664,720 at the end of 2016.
However the number of registered companies in the UK continued to grow, passing the four million milestone during 2017.