Suffolk achieves second record year for new businesses

John Korchak says new registrations is a ‘major achievement’ (Photo: Keith Mindham)

Latest statistics show that more new businesses were established in Suffolk during 2019 than in any previous year – hitting a record high for the second year in a row.

Despite political and economic challenges, 4,518 new companies were registered in the county compared to 4,292 during 2018, representing an increase of 5.3%.

This brings the total number of registered companies in Suffolk to 36,907, up from 35,510 at the end of 2018 – which equates to 3.9% growth.

The statistics come from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.

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Ipswich formed the highest number of new businesses (1,060), followed by Suffolk Coastal (671) and St Edmundsbury (610).

Inform Direct Infographic – Company formations in Suffolk 2019

John Korchak, Director of Operations at Inform Direct said: “Reporting a record year – the second in a row – for new company formations in Suffolk during a turbulent year, politically and economically, is a major achievement. Attracting new ventures and encouraging entrepreneurs to set up there, means that the county is clearly delivering positive support for business.

“With Brexit uncertainty casting a shadow – and some companies experiencing falling sales or choosing to relocate internationally – it is heartening that we are seeing signs of business optimism with so many new companies being created. This picture is mirrored nationally with an all-time high of nearly 700,000 new businesses formed in the UK as a whole.”

Alongside this record number of formations – 690,763 compared to 669,855 in 2018 – the overall number of UK companies also continued to grow, with a new high of 4,471,008, a 3.8% increase on the total of 4,308,022 at the end of 2018.

To see a more detailed picture of company formations in Suffolk – including a full local breakdown, see here. And click here to see the report in full.

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