The Office for Nation Statistics has just released its 2017 Business Demography and has found that the region where businesses are most likely to survive through their first five years is the South West.
Also, the number of UK business births has decreased for the first time since 2010, from 414,000 to 382,000 between 2016 and 2017, a birth rate of 13.1% compared with a rate of 14.6% in 2016.
The number of UK business deaths increased from 288,000 to 357,000 between 2016 and 2017, a death rate of 12.2% compared with a rate of 10.2% in 2016.
The North West was the region with the highest business birth rate at 15.9%, whereas London had the highest death rate at 14.2%.
In broad industry terms, transport and storage (including postal) had the highest business birth rate at 18.5%, and education had the highest death rate at 18.8%.
The survival rates show the percentage of businesses that survived into 2017. In recent years, comparisons of survival rates between years have shown little change year-on-year.
The UK five-year survival rate for businesses born in 2012 and still active in 2017 was 43.2%. Since 2012, the region with the highest five-year survival rate has been the South West at 45.8%. Swindon and Wiltshire had an above average first five-year survival rate of 46.4%.
The region with the lowest five-year survival rate was London at 39.3%. London has been the lowest region since the publication began in 2009. The lowest five-year survival rate for industry was in accommodation and food services at 34.2%. Comparing this with the one-year survival rates shows that the region with the lowest one-year survival rate was Northern Ireland at 88.5% and the lowest surviving industry was finance and insurance at 74.8%.
The full report can be found here
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