Could 2022 be the perfect year for you to start a business in Birmingham? We understand that the last two years have been difficult due to Covid-19, but there have been exciting signs that Birmingham has been seeing economic growth this year! It’s time for you to enjoy yourself and take the leap into contributing to this growing economy. After all, your business could be the thing that the people of Birmingham have been waiting for.
Local economies and economic growth
Now that we are into 2022, one of the UK government’s main aims has been to develop the country into “Global Britain.” To do this, the government is going to be focusing on local economies in order to level out the UK’s economy in general. It is well known that the UK has one of the most unbalanced economies in the world. That is why the levelling up fund has been introduced to focus on cultural and transport projects, as well as high-street business investments. There are even initiatives being taken to refurbish derelict homes and to focus on street cleaning. That’s why it may be time to invest or open up a business in Birmingham in 2022!
How is Birmingham’s economy doing?
According to a recent economic report by Irwin Mitchell, Birmingham is predicted to have the quickest rate of economic growth over the upcoming year. It has been estimated that by the end of 2022, it should have an output of £700 million. In addition to this, it has been predicted that Birmingham’s work force will increase by 3.9%. That means it’s the perfect time for you to take a look at Birmingham’s business sector to see where you can fit. Whether you decide to look into serviced offices in Birmingham, or you decide to open up a small store in the city, this boom in the local economy is the perfect time to move forward with your career and future business prospects.
The benefits of opening a business in Birmingham
For around 5 years, Birmingham has had the largest number of new businesses in the country outside of London. It’s the perfect place to get started with your own company. Some additional benefits of opening a business in Birmingham include:
- Affordable offices
- Large customer base
- Setting up a company in a retail-famous city, also known as the “silicon canal”
- Investment opportunities
Covid-19 and business
We understand that you may feel reticent about opening a business due to the current climate of Covid-19. You don’t want to put yourself or your employees at risk. However, what comes up must come down. Right now, it is safe to go out into public spaces in order to shop. That’s why you should take the initiative and open up your own business. As government funds are being put into local economies, you may be able to get funding to help you set up shop. Just make sure you take protective measures, including enforcing wearing masks and using a one-way system.
And there you have it – everything you need to know about how the economy in Birmingham is on track for exciting growth throughout 2022.
