Number of SMEs surpasses pre-pandemic levels in the North East
The North East’s small and medium-sized enterprises (SMEs) have demonstrated strong signs of post-pandemic recovery, with their numbers now exceeding pre-pandemic levels.
From 2019 to 2023, the number of SMEs in the region grew by 3.5 percent, adding more than 2,000 new businesses since the pandemic and bringing the total to over 60,500.
Research from iwoca, one of Europe’s largest small business lenders, highlights the region’s entrepreneurial resilience.
The study, which uses data from the Office for National Statistics (ONS) on business and employment, suggests the growth of SMEs has been instrumental in supporting job stability across the North East.
Employment levels in the region have remained relatively stable, with a modest increase of 2,000 jobs between 2019 and 2022.
According to the data, nearly 1.1 million people are currently employed in the North East, a testament to the positive impact of SME growth on regional employment.
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