A recent study has identified Oldham as one of the top locations in the UK for launching a business, securing the fourth position on the list compiled by IT service software company InvGate.
Methodology
InvGate analyzed data from the Office for National Statistics to assess the number of registered businesses across various local authorities in the UK for the years 2022 and 2023. The rankings were based on the percentage increase in new businesses from 2022 to 2023.
Oldham’s Growth
Oldham experienced a 3.98% increase in new businesses, rising from 7,155 in 2022 to 7,440 in 2023. This growth equates to an addition of 285 new establishments. Notably, the transport and storage industry contributed significantly, adding 65 businesses, while the construction sector gained 55.
Top Rankings
The overall rankings were led by:
- Torfaen: Recorded an 11.74% increase, with growth from 2,215 businesses in 2022 to 2,475 in 2023.
- Blackpool: Achieved a 7.24% increase, growing from 3,870 to 4,150 businesses.
- North Warwickshire: Saw a 5.03% increase, rising from 2,785 to 2,925 businesses.
Insights from the CEO
Ariel Gesto, CEO of InvGate, remarked on the implications of the findings:
“Choosing the right location is one of the most important factors for any startup. The top 10 ranking could indicate that smaller cities offer greater opportunities to build a business in a less crowded market. Instead of diving into markets like London or Manchester, entrepreneurs might find success in growing their establishments in smaller areas before expanding into larger urban centers.”
Declines in Other Areas
While Oldham celebrates its growth, Wyre Forest experienced the lowest increase, showing a -12.25% change, with a loss of 580 establishments, dropping from 4,735 businesses in 2022 to 4,155 in 2023.
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