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PRINT THIS PAGE UK start-ups boom19/10/2005. Source: Barclays.
Barclays research shows that the number of UK start ups during the last year outstripped anything recorded since the bank began tracking the market in 1988. The total number of new businesses has increased by 13 per cent from 400,000 in 1988 to 453,000 in 2004. Louise Fowler, marketing director for small business at Barclays said: "The record numbers of small business start ups has been driven by the boom in the construction sector as Brits obsession with home improvement continues. The more traditional trades such as decorating have fuelled the rise in this sector."
The construction sector grew by 34 per cent in the last year with around 40,000 new businesses set up, the highest ever number ever recorded. The increase is due to an upturn in the traditional trades of plastering which increased by more than 60 per cent and installing carpets and flooring rose by almost 50 per cent.
Among the other key findings of the research were:
- The top construction businesses set up in 2004 were residential building contractors, painting and plumbing. These account for around a third of all Construction businesses.
- The greatest absolute increases were seen in leisure and personal, construction and transport and communications, these sectors accounted for about 30 per cent of all new firms started in 2004 (134,000). See table 1.
- Looking at regions as a whole the South West was the top hotspot outside London for generating entrepreneurs. See table 2.
- London led the way in the local rankings of business start-up rates with boroughs in the Capital occupying nine places in the top ten. See table 3.
- In the rest of the country, Somerset Blackpool and Bournemouth led the way in a top ten dominated by rural and mid sized urban authorities, with only Manchester representing more traditional city areas. See table 4.
- The number of business start ups by men totalled 297,400 and female 155,000.
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