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Nottingham is set to see a £5.5 billion annual boost from its rising number of small and medium sized enterprises (SME) which will create 10,000 jobs by 2020. That’s according to a new report for npower Business by Capital Economics. It found that a 19% increase in SMEs in the city has already created a massive 17,300 jobs since 2010.
So why are SMEs booming in Nottingham?
As Growing Nottingham says, all the factors are in place for great business growth in a centrally-located city:
- 98% of Nottingham will be connected to super-fast fibre broadband within the next two years
- We have 60,000 students at two world-class universities to tap into
- Fast-growing specialist sectors such as Financial Technology
- £1 billion has been invested in the city and county’s infrastructure in the last few years
- 77% of the UK population live within a four-hour drive
Capital Economics also highlighted the success of the Creative Quarter in Nottingham, which won a European Enterprise promotion award in 2015 for boosting SME performance in the area. The initiative aims to improve the economic performance of the city by providing business support programmes and access to finance, networks and incubators.
The CQ
In addition, Nottingham’s success has been underpinned by relatively low business rates and living costs. Good demographics, transport links and broadband connectivity have also helped, with improvements to the city’s workforce skill level potentially generating even more growth. The city has clusters of SMEs in four of the 10 fastest growing industries – office administration, health, financial support services and education, the report added.
The report found that SMEs currently provide jobs for a stunning 16.8 million people nationally – over 50% of all UK employment – and that the top 15 UK cities with the best growth prospects for SMEs will generate an additional £16 billion for the UK economy each year by 2020.
The Simplifiers
“It’s great to see The Creative Quarter getting this kind of recognition for its work supporting SME growth and economic development in the city. The City Council and its HE partners (Nottingham Trent University and the University of Nottingham) and its corporate partners in the city, took a brave imaginative leap of faith in 2013 setting up The Creative Quarter as part of the City Deal and Growth Plan and it’s clear that their courage has delivered for SME businesses and the city.The work of incubators like BioCity and Antenna Media Centre have also made a major contribution in the last ten years to the growth of the life sciences and creative and digital industries sectors. Our Creative Quarter, Creative City three year report highlights our achievements over the last three years.”
Kathy McArdle, CEO at the Creative Quarter
City growth
“The work of The Creative Quarter Initiative in making a great business environment in the heart of the city is not at all complete and we have a strategy to 2023 to continue the work. Find out more in our Creative Toolkit 2014-23.There is much yet to be done to improve infrastructure, add to the character of the area through public realm work and public art, develop further creative workspace, build the skills of the local workforce and add value through cultural and creative events. This work in the next five years will continue to support further SME growth in the city and maintain this upward growth curve for the economy.”
Kathy McArdle, CEO at the Creative Quarter
Hosta
“Nottingham is a brilliant city and the success of its SMEs is an impressive achievement. As this report shows, the opportunity is there for even further growth. We’ve seen growth in logistics, insurance, printing and healthcare enterprises in the city and this is generating a lot of jobs. At npower Business, we are dedicated to working closely with Nottingham’s SMEs to help support the huge contribution that they make to the economy.”
Philip Scholes, Head of npower Business“Nottingham’s opportunities for entrepreneurs to start new businesses and to expand existing ones in the city are growing fast and this is fabulous to see. That SMEs have already generated 17,300 new jobs is a testament to this success. Affordable business rates, living conditions and workforce skills are all crucial to attracting SMEs. I hope that policy makers continue to build on this success so that momentum for SMEs continue to grow in the city.”
Dale Murray, CBE & Board Advisor at the Centre for Entrepreneurs
Blue Heaven