7,183 companies formed

UK  900,006 companies formed in the UK in total View national statistics

Business growth continues in Devon despite challenges

Devon achieved a record year for company formations in 2023 with an impressive 7,183 new companies incorporated, a 5.4% increase over 2022’s figure. This keeps it at 20th in the English counties league table and raises it one place in the company formations league table since last year. This shows resilience by Devon’s entrepreneurs in the face of business challenges like the rising costs of borrowing and wavering consumer confidence.

The rate of new company incorporations per 1,000 head of population was well below the national average of 14.2%, as might be expected for a county so far from the UK’s main hubs of economic activity. But 2023 ended with more companies than ever before in Devon, so confidence remains high.

Our infographic of 2023 company incorporation activity in Devon gives further details about companies formed in the county during the year and how it compares with the performance of other counties in England.

If you’d like to start a new company in Devon, you’ll find our simple online company registration service helpful.