East Riding Of Yorkshire achieved successful business growth last year, according to new statistics

During the year 3,749 new businesses were registered in the county, compared to 3,667 during 2020, an increase of 2.2%.

This brings the total number of registered companies in the East Riding to 27,909, up from 26,864 the end of 2020, which equates to 3.9% growth.

The statistics come from the Inform Direct Review of Company Formations using data from Companies House and the Office for National Statistics.

John Korchak, operations director at Inform Direct, said: “It is excellent news to see that the East Riding of Yorkshire has achieved a successful year for business growth despite the continuing challenges of the pandemic.

“The retail sector saw the largest number of new companies (526) which may be the result of pent-up demand after the lockdowns of 2020 and early 2021.

“With widespread restrictions on travel and entertainment, people may have looked to spend their income in different ways. This was followed by construction with 524 new incorporations.

“Recording an increase in new formations as well as the total number of companies within the county 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.”

To see a more detailed picture of company formations in the East Riding of Yorkshire – including a full local breakdown click here.