Net growth of new companies soars in Cardiff

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Cardiff has seen a significant rise in the net growth of new company formations during the first half of 2012, according to research published in the Duport Business Confidence Report.

Cardiff Bay

Like the rest of the UK, Cardiff has suffered from the effects of the recession. However, the positive data in our latest report shows signs that economic recovery is on its way.

Half year data presented in the latest Duport Business Confidence Report shows that the company register for Cardiff increased by 582 during the first half of 2012. This figure represents an increase of 136.6% on the same period last year.

The UK company share for Cardiff also rose slightly from 0.5% in the first half 2011 to 0.6% in the first half of 2012.

The city has a wide economic base, with a thriving financial services centre that employs 50,000 people. Retail is also a significant economic driver, with Cardiff recently being named the 6th best shopping location in UK. Tourism plays an equally important role - there were 14.6 million visitors in 2009, who spent £703.6 million in the city.

In addition to a rise in net growth of new companies, there has been a drop in company closures in Cardiff. During the first half of the year 942 companies were closed, representing a 5% decrease when compared to the same period in 2011. Company closures peaked in the first half of 2009 with 1613 company dissolutions.

Managing Director of Duport.co.uk, Peter Valaitis commented:

“Like the rest of the UK, Cardiff has suffered from the effects of the recession. However, the positive data in our latest report shows signs that economic recovery is on its way."

“The diversity in the city’s economy should help protect it against future economic shocks and secure a prosperous future for businesses choosing to locate there.”

It seems that a bright economic future awaits Cardiff, which can only be good news for the many new businesses that have set up there this year.

Duport Business Confidence Reports are generated and released by Duport Associates Ltd. The data contained in these reports is assimilated and analysed by Duport using public record data from sources including Companies House, Office for National Statistics and Ordnance Survey. Duport Associates Ltd is a leading UK company formation agent, established in 1997 and registering around 10,000 new companies each year through its Companies House approved software.

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Tom Valaitis