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"Engineering" was the second most popular word used in the naming of new companies in Derby between June 2011 and June 2012, according to naming data published in the latest Duport Business Confidence Report.
Derby's two biggest employers, Rolls-Royce and Toyota, are the lynchpin of the local engineering industry. Other engineering companies in the area include railway systems engineering firm Bombardier Transportation and Alstom, who manufacture large power plant boilers and heat exchangers.
With so many new companies choosing to use "engineering" in their name, it seems that start-up businesses are looking to capitalise on the flourishing engineering industry of Derby.
Opportunities for smaller engineering firms are likely to grow with the inception of a new high-tech business zone in the area. Dubbed the Global Innovation Cluster, this business park will provide a home for 50 expanding engineering firms working in the automotive, aerospace and rail sectors. If the scheme wins government funding, these firms will receive the support needed to attract new customers, create new products and attract further investment.
Managing Director of Duport.co.uk, Peter Valaitis said:
"Derby has long been home to large engineering firms, but the naming data in our report suggests that business start-ups are also are moving into the engineering sector.
"Entrepreneurism in this area will bring fresh ideas to the local engineering industry, which can only be positive for the local economy as a whole."
The Duport Business Confidence Report provides data that gives an overview of Derby's economy, with information on everything from company closures to director gender. Duport publishes reports for every area of the UK on a quarterly basis.
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.