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Duport report shows mixed results for Dudley economy

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high net company growth provides a boost for Stafford economy

A new report from Duport.co.uk shows there was a rise in company formation in Stafford last year, suggesting the local economy is beginning to recover from a difficult period.

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During the first six months of the year, there were 272 companies formed in Stafford, more than any first half year on record for the town. This figure also represents a 10% rise on the number of new companies formed during the same period in 2011.

Historically, the economy of Stafford has been based around public administration, manufacturing and engineering; but the town has suffered in recent years with the loss of major manufacturing companies and a rise in unemployment. However, a number of initiatives designed to promote economic growth have begun to have an impact. Stafford now has the second lowest unemployment rate in the county and shop vacancy rates at half the national average.

The town is also undergoing a multi-million pound regeneration that should boost the local economy still further. Work on a revamped railway station car park is already complete, as is a state-of-the-art leisure centre and the council's flagship offices. Plans for a riverside regeneration and a new shopping complex are also in the pipeline.

"Stafford has suffered during the worst of the recession, but pro-active economic initiatives and a good regeneration programme are helping the local economy get back on its feet," said Peter Valaitis, Managing Director of Duport.co.uk.

"The record number of new companies seen in the first half of the year shows that entrepreneurial spirit is alive and well in Stafford, despite recent challenging conditions."

Duport Business Confidence Reports are published quarterly for every area of the UK. The reports contain detailed economic data that gives an overview of local economies.

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.