Construction sector most buoyant for start-ups
Barclays records overall drop in number of new businesses
Construction entrepreneurs are bucking the national trend and continuing to increase the number of new businesses in their sector, new figures have shown.
The construction sector has seen the only increase in start-up rates over the past year, according to new figures from Barclays, which suggest a slowing down of entrepreneurial drive in England and Wales.
The first quarter of 2007 saw an 11.7% drop in the number of new businesses compared with the same period last year.
The number of start-ups in the wholesale industry dropped by nearly 25%, and the hotel and catering sector saw a decrease of 18.7%.
However, the nation’s fascination with bricks and mortar accounted for the only increase in start-up rates. The construction industry recorded a 6.1% increase in the number of new businesses.
“The British public have always been big DIYers with a record £10.7 billion spent last year,” said John Davis, marketing director for local business at Barclays.
“Now many of these same people are taking that interest and turning it into a business, whether they are plasterers or property developers.
“There doesn’t seem to be any let up in our national property obsession and with getting up the property ladder continuing to be our number one collective goal in life, it doesn’t seem likely that there will be a shortage of construction entrepreneurs in the future.”
© Crimson Business Ltd. 2007