East Yorkshire Seeing Resilient New Businesses

Thursday, 23 March 2023 06:00

By Matthew Pells

Start up business in East Yorkshire are proving to be more resilient than those in other parts of the country.

Data from East Riding Council shows the area has fewer start ups than other areas, but a better survival rate.

Executive Director of Economic Regeneration - Alan Menzies - says that's good news.

Council data shows that In 2021, the East Riding’s enterprise death rate of 83.9 per 1000 businesses was lower than the enterprise birth rate of 101.1 per 1000 businesses.

Although this enterprise birth rate is lower than the national rate (126.4 per 1000), the local enterprise death rate indicates that fewer businesses are closing in comparison to the national figure. Similarly, the percentage of new businesses surviving for a year in the East Riding was 94.9%, which is higher than the national figure of 93.1% (ONS 2020)

Councillor Jane Evison says the data shows the area does have a strong economy.

The council report on Growing the Economy highlighted the number of economically inactive people as an area which will need monitoring.

In February, the County Council Network published a report stating that the number of economically inactive people in England has grown from 7 million to 7.243 million, largely as a result of a 12% increase in the number of economically inactive people in England’s 36 county and rural areas.

In the East Riding, the figures show that 18.4% of those aged 16-64 are economically inactive.

Of those, 25.6% are inactive due to long-term sickness, with a further 24% who are retired and 17.2% who have taken on caring responsibilities. 10.2% more females are economically inactive due to long-term sickness compared to males, which is contrary to the England trend.

The council's report says:

In light of the pressures economic activity is putting on the local labour supply, this issue will need to be monitored carefully in the months ahead.

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