New research by Lloyds Bank Business Insurance shows the number of businesses launching in Leeds has grown by 24% since 2010.
According to insights from the study, the number of professional, scientific and technical businesses has increased by 50% since 2010. Businesses in this sector accounted for just over a quarter (27%) of all businesses set up in the region over the same time period.
Factors such as the opening of Trinity Shopping Centre and the First Direct Arena in 2013 may explain the surge in the city’s popularity with entrepreneurs. There has also been investment and commitment to the area shown by other well-known businesses, such as KPMG opening its new 61,000 sq ft office in 2015 and PWC’s announcement of a new 15-year lease of the £100m Central Square.
Damien McGarrigle, head of business insurance at Lloyds Bank Business Insurance, said: “Our report has uncovered strong business growth in Leeds over the past seven years and it’s great to see investment in infrastructure benefitting so many business types.
“While this growth creates new opportunities for entrepreneurs in the region, it also means new challenges. Starting a business can be a daunting process and getting to grips with legal requirements, finances and insurance can be a minefield.
“Getting the right advice will help start-ups get off to a flying start and safeguard their businesses to avoid being exposed to potentially irreversible damage. Today, a business’ key assets can be anything from data to intellectual property, along with materials and machinery, so these business-critical assets should be protected.”
The five highest growth sectors for new business formation in Leeds between 2010 and 2016 were:
Roger Marsh OBE, chair of the Leeds City Region Enterprise Partnership (LEP) said: “Business confidence in Leeds City Region is palpable and I’m delighted to see the advances we’ve made reflected in these impressive growth figures.
"This substantial increase in our local business population is testament to the region’s ongoing support for small businesses and the strength of our business case for investors, which we’ll be showcasing at the MIPIM global property forum next week.
“We have a thriving community of entrepreneurs in our region, and business in professional, scientific and technical sectors in particular is booming. This study is further evidence that, as the geographic and economic heart of the Northern Powerhouse, ours is a city region where businesses large and small can grow and succeed.”