Number Of Firms In Northern Ireland Hits Record High

We do like a good news story on a cold February day and we believe this is definitely one of those! We can bring you the news that the number of firms based here in NI reached a record high at the end of last year. This is great news as it means the economy is gaining momentum and it means that there will be plenty of jobs to go around for anyone who is seeking gainful employment.

There were over 95,000 firms in business at the end of 2024, an increase of a whopping 11.5% in just 12 months. The figures come from a company called Inform Direct who have gleaned this data from Companies House and the Office for National Statistics.

The Last Year Has Presented A Range Of Challenges

Here is what John Korchak, who is managing director at Inform Direct, said about the figures, as copied from an article by Claire Cartmill on the Belfast Newsletter website:

“It is really good news that Northern Ireland can celebrate a record number of companies at the end of 2024.

“The year undoubtedly presented a range of challenges for business with the uncertainty of the General Election, the introduction of new regulations and concerns over Labour’s first Budget in October which included the increase in employer National Insurance. World events also played a part in economic volatility with the US Election and instability in the Middle East high up on the list.

“Despite all these factors, businesspeople in Northern Ireland demonstrated great resilience and inspired leadership, evidenced in this successful result.”

Belfast Formed The Most New Businesses

And here are some more statistics as copied from the same article. It reads that:

‘Belfast formed the most new businesses (7,915), followed by North Down and Ards (1,459), and Londonderry and Strabane (1,328).

‘The UK as a whole mirrored this (positive) trend with a record total of 5,637,210 companies, up from 5,476,772 at the end of 2023. There were 848,192 formations during the year and 690,501 dissolutions.

‘Of the 719,157 formations in England, well over one third were in London (280,423). 38,273 were in Scotland and 39,821 were in Wales.’

We have all been through some tough times, so we have to congratulate all the firms who are working hard to create a successful business. And don’t forget, if you have a business and you need any help with your accounts don’t hesitate to give our team a call on 028 2752 2909.