New Business Growth

Northern Ireland Leads UK in New Business Growth

In an era marked by economic challenges, Northern Ireland emerges as a beacon of entrepreneurial vitality, with Belfast at its forefront. According to the latest Ulster Bank and Beauhurst New Startup Index, Northern Ireland experienced a remarkable surge in newly registered companies in 2023, solidifying its position as the fastest-growing region in the UK for business innovation.

Key findings from the index include:

Record Growth: Northern Ireland witnessed a staggering 59% increase in the establishment of new companies in 2023 compared to the previous year, with over 14,000 new ventures coming to fruition.

Belfast’s Phenomenal Rise: Belfast, the beating heart of Northern Ireland’s economy, recorded a remarkable 123% surge in the number of new businesses, earning it the title of the fastest-growing council area in the UK for newly registered companies.

Regional Success Stories: Beyond Belfast, regions such as Causeway Coast and Glens, and Lisburn and Castlereagh also showcased notable growth, with increases of 61% and 54% respectively in the number of newly incorporated businesses since 2022.

Mark Crimmins, Head of Ulster Bank, emphasised the pivotal role of these new ventures in bolstering Northern Ireland’s economy, highlighting their significance in driving local growth and prosperity. He underscored Ulster Bank’s commitment to supporting entrepreneurial endeavors, citing the success of their Accelerator program, which has aided over 800 startups since its inception.

Ulster Bank’s Accelerator program stands as a testament to their dedication to fostering business innovation and success. Entrepreneurs have found a nurturing environment within the program, with an average annual turnover of £182,000 and a significant representation of female-founded ventures. Applications for the first cohort of 2024 are open until February 16, offering aspiring entrepreneurs an opportunity to embark on their entrepreneurial journey with support from industry experts.

As Northern Ireland celebrates its entrepreneurial prowess, the surge in new businesses underscores the region’s resilience and potential for sustained economic growth. With initiatives like the Ulster Bank Accelerator paving the way, the future looks bright for Belfast’s thriving startup ecosystem.

Related News