We have benchmarked business start-up and enterprise activity in the West Midlands in a new report (pdf, 3.43mb).
Drawing on a range of data sources and research, we produced a profile of activity within the West Midlands seeking to answer the following questions:
- How do levels of business start-up activity in the West Midlands compare to those in the UK as a whole and in comparable regions?
- How do levels of start-up activity differ for sub-groups within the West Midlands, especially women, minority ethnic groups, sub-regions and areas of multiple disadvantage?
- What drives differences in start-up rates between regions, and between sub-groups and areas within the region?
- What are the key challenges for policy in terms of start-up in the region?
Key findings
Whilst the total stock of businesses in the West Midlands has been growing, that growth has been slower than the UK average. Between 1994 and 2007, the region's business stock grew by 1.6% per year, compared to 1.8% across the UK. Matching the national growth would have resulted in nearly 5,000 extra businesses in the region by the end of that period.
Property and business services, and financial services, have grown faster than the national average. This growth has been counteracted by poorer performance in sectors such as manufacturing, construction, and mining and utilities. This means that there wasn't an overall rise in total numbers of businesses relative to the UK total.
The growth in businesses is stronger in the south and east of the region, exceeding the national average in many places.
Self-employment amongst women and young people is lower than in virtually all the other regions of the UK.
However, levels of early-stage entrepreneurial activity were the second highest in the country in 2008 (Global Entrepreneurship Monitor survey).
The most entrepreneurial age in the West Midlands is between 25 and 34, which is younger than the national average.
Download the full report: Benchmarking start-up business activity (pdf, 3.43mb).