Aberdeen has experienced higher levels of business stock growth than any other UK city, with the number of new businesses registered within the city increasing by an impressive 40 per cent over the past ten years, according to a new report published by Prime Office Space yesterday.
“Aberdeen is among the country’s top five stand-out cities along with London, Cambridge, Milton Keynes, and Coventry,” said Prime Office Space spokesperson Clare Jones. “Local businesses in Aberdeen are clearly driving economic growth, not only in the city itself, but also at regional and national level. For example, the city’s companies generate over £68 billion in revenues every year, accounting for nearly a quarter of Scotland’s total economic output. The Scottish city is ahead of many others when it comes to its Gross Value Added (GVA) per resident levels, which is nearly £62,000 per employee and the third highest in the country.”
Business registration levels have been steadily increasing since 2002. In fact, no other city in the United Kingdom has come close to experiencing Aberdeen’s levels of business stock growth. Over the past ten years, the number of businesses registered in the city has increased by an impressive 40 per cent, and it currently stands at just over 10,000 companies. The vast majority of the city’s firms, around 93 per cent, are small and medium-sized enterprises devoted to fostering business innovation in Aberdeen’s key industrial sectors.
In recent years the city’s industry base has become increasingly diverse, creating business opportunities for companies in the retail, wholesale, and professional business services sectors. Other important sectors include education, leisure and hospitality, office space and construction. In addition, the R&D industry has been growing at a fast pace, particularly in areas like environmental science, renewable energies, food manufacturing, and healthcare.
“Aberdeen’s thriving economy and lively business scene has had a positive impact on the city’s employment levels,” continued Clare Jones. “In 2014, employment rates reached the 77 per cent mark. The healthy state of the local labour market is certainly an after-effect of the city’s elevated business startup rates, which are in the region of 63 per 10,000 people.”
Click here to read the full report
Release ID: 80765