Number of companies In Shropshire hits record high, report suggests
New figures reveal that in 2024 the number of companies in Shropshire was the highest ever recorded – in a year that presented a range of challenges for business.
During the last 12 months, registered companies grew to an all-time high of 28,136 – up from 28,037 at the end of 2023 – and 3,031 new businesses were established in the county.
The statistics were revealed from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.
There were 1,140 company formations in Telford and Wrekin, with the remaining companies established elsewhere in the county.
John Korchak, Managing Director at Inform Direct, said: “It is really good news that Shropshire can celebrate a record number of companies.
“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 Shropshire demonstrated great resilience and inspired leadership, evidenced in this successful result.”
The UK as a whole mirrored this 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.
To see the report in full, visit https://www.informdirect.co.uk/company-formations-2024/
