Number of regional companies rockets to record high
The number of companies across the West Midlands hit a record high during 2022 – making it one of the UK’s most successful areas.
The total number of registered companies in the West Midlands conurbation rose 6.5 per cent to 211,766 in 2022. It had the second highest number of new companies for any county at 39,355.
The total number of registered companies in Staffordshire rose to 60,009 over the last 12 months, showing an increase of 4.3 per cent on 2021. During the year 8,072 new businesses were established.
In Shropshire the total is up 3.9 per cent to 26,781 with 3,132 new companies. The Worcestershire total is 43,964 and Powys has 5,869.
The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.
New business formations in 2022 included: Sandwell 4,405, Wolverhampton 3,754, Walsall 2,997, Dudley 2,720, Shropshire 1,799, Telford and Wrekin 1,330, Wyre Forest 1,068, Stafford 921, Lichfield 802, Cannock Chase 659, South Staffordshire 628 and Powys 580.
John Korchak, managing director at Inform Direct said: “It is great to be able to celebrate a record high number of businesses.
“The last few years have been turbulent for businesses, with inflation and a cautious economic outlook following the impact of the pandemic. However, in these figures we see evidence of the ambition, creativity and resilience of entrepreneurs."
He added: “This positivity is mirrored in the overall picture for the UK which saw a record number of new companies established during 2022, exceeding 800,000 for the very first time.”
The UK saw 805,141 new companies formed in 2022, compared to 771,617 in 2021, which represents an increase of 4.3 per cent and brings the total number of companies to 5,236,227.
Dissolutions of UK companies totalled 578,679, down on 2021 when 606,912 were recorded, suggesting that new and existing businesses are adapting to survive in a post-pandemic business environment.
