Record year for company formations in Staffordshire
More new businesses were established in Staffordshire during 2021 than in any previous year – despite the continuing economic challenges resulting from the pandemic.
In total 8,541 new companies were registered in the county compared to 7,720 during 2020 – an increase of 10.6 per cent.
It brought the total number of registered companies in Staffordshire to 57,556, up 4.9 per cent from 54,862 at the end of 2020.
The West Midlands county area had 36,485 registered in the year – second behind London.
Shropshire had 2,914 formed with 1,098 of those in the Telford and Wrekin district.
The statistics come from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.
Is Staffordshire the Cannock Chase district saw 1,111 businesses formed, Lichfield 945, Stafford 844 and South Staffordshire 708.
In the West Midlands Wolverhampton had 4,246, Sandwell 4,041, Dudley 2,888 and Walsall 2,807.
John Korchak, operations director at Inform Direct said: “It is excellent news to see that Staffordshire has achieved a record year for new company formations during 2021 despite the continuing challenges of the pandemic.
“The retail sector saw the largest number of new companies (1,282) which may be the result of pent-up demand after the lockdowns of 2020 and early 2021 and people looking to spend their income in different ways as a result of widespread restrictions on travel and entertainment. This was followed by motor trades with 1,218 new incorporations.
“The record number of new company formations demonstrates an active economy with entrepreneurs motivated to invest in new businesses which meet current and emerging demands for goods or services. The overall picture for the UK as a whole is also an optimistic one with the total number of companies now exceeding five million for the very first time.”
The UK saw 771,617 new businesses formed, compared to 780,760 in 2020.
