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Richmond sees rise in net company growth

October 2012

Richmond, London saw a 29% rise in net company growth during the first half of the year, according to statistics in the latest Duport Business Confidence Report.

Although the area is regarded as "recession proof", the report shows a sharp drop in net company growth during the first half of 2009. Numbers have been rising steadily since then, suggesting a recovering economy. However, net company growth in Richmond is still lower than the UK average.

The rising level of net company growth could be linked to Richmond's diverse economy, which may have protected against sector-specific economic shocks. The largest sectors in the area include business services, creative industries and the visitor economy. Tourism is particularly important, with around 4.5 million tourists visiting the town every year, generating an estimated total economic benefit of £469 million.

Rapid economic recovery in the borough could also be due to the fact that the local economy may not have declined as much as other areas of the UK during the recession.

Managing Director of Duport.co.uk, Peter Valaitis said:

"Our report shows that net company growth in Richmond was adversely affected at the height of the recession, but numbers have been climbing ever since."

"The area has several unique attractions that will continue to pull in visitors, and its proximity to Central London and Heathrow airport are also likely to protect it from decline in the future."

The Duport Business Confidence Report for Richmond gives an economic overview of the area, with statistics on everything from company formation to average director age. Duport Business Confidence Reports are published quarterly for every area of the UK.

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.

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