Bournemouth’s small and medium sized businesses are growing at a faster rate than anywhere else in the country, new research has suggested.
The Barclays Prosperity Map found that small businesses in the area have seen a 19 per cent rise in their turnover since last year which is the largest figure of any town it surveyed.
The research creates a Prosperity Index Score for each region in the UK and includes factors such as average pay, business growth rates, the number of millionaires, the percentage of households giving to charity and exam scores.
The SMEs in the region have played an important part in the prosperity of Dorset, Barclays said.
Craig Jamieson, Barclays Wealth and Investment Management’s regional director for Solent, Dorset and Hampshire, said: “It is very encouraging to see that prosperity in the South West is on an upwards trajectory, with our region’s innovative entrepreneurs playing a vital part in supporting our growth.
“The fact that Bournemouth’s SMEs are growing at a faster rate than anywhere else in the country demonstrates that we are ready to compete with the capital when it comes to providing the right conditions to start and grow a successful business and drive prosperity more widely.
“With growth in prosperity recorded across the country, it is clear our region is playing an important role in this trend. It is more important than ever that business leaders and policy makers continue to create new opportunities to keep our region, and the UK, ‘open for business’ and continuing on this trajectory.”
Paul Swinney, principal Economist at the Centre for Cities, said:
“Entrepreneurship is an important marker of prosperity, not just because of the businesses and the revenue and jobs they generate, but because of what they represent – an innovative and thriving environment where people have the confidence to trial new ideas.”
GDP in the South West grew faster than many other UK regions, ranking fifth with 11.2 per cent growth, above London (eight per cent). Unemployment reduced by 1.1 per cent and average earnings went up by three per cent £24,428.