Expert Opinion: The dynamics shaping the Stockport economy

Stockport based business advisor and mentor, Julian Stafford, explores the borough’s economic data and shares his insights into the dynamics shaping the local economy.

As someone passionate about Stockport and its thriving business community, I’m thrilled to share some exciting insights into the dynamics shaping our local economy.

In October 2024, the SK postcode area saw a remarkable 9% increase in company incorporations, with 599 new businesses registered compared to 549 in the same month last year! This growth highlights the region’s dynamic entrepreneurial spirit and economic vitality.

Property Sector Surge

The property sector leads the way, with 45 new businesses in SIC Code 68209 (letting and operating real estate), representing 6.4% of total incorporations. This is a significant rise from just 16 in October 2023. With 105 companies (17.5%) in property-related industries, it’s clear that investment and development in Stockport’s real estate market is thriving.

Consultancy & IT Services on the Rise

There’s growing demand for management and IT consultancy services in Stockport, with 40 new companies in SIC 70229 (management consultancy) and 15 in SIC 62020 (IT consultancy). This indicates an increasing reliance on expert advisory and tech-driven solutions across various sectors.

Retail & Food Sector Flourishing

The retail and food industries continue to adapt and grow, with 20 new businesses in SIC 47910 (online retail) and 18 new takeaway food outlets in SIC 56103. Consumer demand is driving the expansion of e-commerce and food service establishments in our area.

Conclusion

The SK postcode area is becoming a vibrant hub for innovation, investment, and entrepreneurship! The diversity in newly incorporated businesses paints a picture of a dynamic and forward-thinking economy.

Let’s celebrate the success of these new ventures as they contribute to our local economy and create new opportunities. Wishing all the best to these businesses as they embark on their journey!