New Stats Show York Businesses Doing Better Than Average
7:37pm 4th December 2013
York businesses are doing better than the national average at surviving in the tough economy.
47.9% of businesses set up in 2007 are still operating in the city, higher than the regional average of 41.9% and the national average which stands at 44.6%.
Of those set up in 2008 showed 52.4% of businesses are still active in York, compared to 48% regionally and 49.1% nationally. This trend can also be seen in 2009 where 66.7% of businesses in York are still open for business, regionally the survival rate for this period lies at 58.2% and nationally 58.7%.
More businesses are also surviving their first year. In 2010 88.7% of businesses survived their first year which was again above the national and regional average. In 2011 however 93.9% of businesses survived the first year, ahead of the regional average (92.1%) and the national average (93.1%).
Labour leader of City of York Council, Cllr Alexander said: “These figures are very pleasing and demonstrate that York is truly open for businesses. The figures illustrate the fact that York provides a good and successful business environment for companies to work in. It is particularly pleasing to see that the city is once again bucking national and regional trends which has also been seen in recent months with the city’s jobseekers figures. Our aim now is to maintain jobs and growth across the city to support our residents.”
Susie Cawood from the North Yorkshire Chamber of Commerce told Minster FM:
"These figures reflect what Chamber members are telling us, businesses are continuing to perform well in York and confidence is returning to the economy. It is particularly exciting to see that York continues to outperform other parts of the country and underpins our optimism for future economic growth."
Emma Smales from the North Yorkshire Federation of Small Businesses also welcomed the figures:
“ We are delighted that the new ONS figures show that 93.9% of businesses survived the first year, ahead of the regional average (92.1%) and the national average (93.1%). Our Q3 Voice of Small Business survey would back this information showing that Small business confidence has reached an all-time high. Our confidence Index rose to +33.5 in the third quarter of 2013 beating the previous high of 18 recorded in the first quarter of 2010 and is double the 15.9 score from the second quarter of 2013. The data shows three successive quarters of growth in 2013. For the first time since the report began more firms are looking to take on staff than reduce their workforce and spare capacity has fallen back meaning that more firms feel confident to grow.
With four in 10 firms reporting increased revenues in the last three months, investment intentions among small firms, imperative to strengthen and rebalance the economy, are at the highest point since the FSB began tracking this area. This quarter, the number of firms intending to increase capital investment in the next 12 months rose to 21.1 per cent, up from 9.9 per cent in the same quarter in 2012.
Furthermore, the proportion of firms with ambitions to grow has risen to 54.2 per cent up from around 51 per cent in Q3 2012. If realised the FSB believes that the small business sector could provide the momentum to further economic recovery. The economy needs to have confident small and big businesses to make sure jobs and wealth are being created for UK-plc. But at the same time, businesses need to have confidence in the economy to take the risk to create jobs and invest. With more firms looking to grow rather than downsize, it’s clear these feelings are returning. Government needs to build on this and the Autumn Statement is the right time to do that.”
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