Figures just published show that more new businesses were established in the West Midlands during 2018 than in any previous year – despite the challenges of political and economic uncertainty surrounding Brexit.
In terms of new companies, 32,571 were registered in the county compared to 26,802 in 2017 which represents an increase of 21.5%.
This brings the total number of registered companies in the West Midlands to 167,807, up from 159,647 at the end of 2017, which equates to 5.1% growth.
The statistics come from the Inform Direct Review of UK Company Formations using data from Companies House and the Office for National Statistics.
Birmingham formed the most new businesses (18,704), followed by Coventry (3,466) and Sandwell (2,523).
John Korchak, Director of Operations at Inform Direct said: “These record-high figures for new company formations in the West Midlands show a very positive picture for business against a background of political and economic uncertainty. It is clear that the county continues to provide a supportive environment, both for new business ventures and existing enterprises.
“It is heartening to see entrepreneurs making their mark with increasing numbers of new businesses being formed. This picture is mirrored elsewhere in the UK, with a number of regions seeing more new formations in 2018 than at any time in their history and the UK as a whole achieving a new record total of registered companies.”
Across the UK as a whole, a record number of new companies were formed– 669,855 compared with 634,116 in 2017.
The number of registered companies in the UK also continued to grow, finishing the year with a total of 4,308,022.
To see a more detailed picture of company formations in the West Midlands – including a full local breakdown, visit:
To see the report in full visit: