August 14th, 2014.
Rates of Rising: Which Businesses Boom in Britain?
In the last five years, Britain’s economy has been turned on its head and is gradually righting itself again. However, some industries are doing much better than others when it comes to bouncing back.
So which businesses have boomed in Britain over the last five years? Let’s take a look:
This is a very wide net to cast; with creative you capture everything from fashion to film, but they are all on the rise. There are around 2 million people in Britain who are employed by creative industries and this number is set to increase in future years. TV and film has shown the largest growth here, with the gaming industry following up closely.
According to a government report, between 2008 and 2012 the creative industry accounted for 5.2% of the UK economy with predictions showing that this will increase further in future years.
Technology is the future and it is being integrated into every point in our lives, so it is natural to see a growth as large as this. According to Tech Monitor UK, the digital industry has seen over a 10% rise in the last six years and it looks likely that this will continue. Not only is the industry overall on a rise, but the hiring is the strongest it has been in three years and is happening at a faster rate than the UK private sector average.
Rather unexpectedly, the music industry has made a huge bounce back and saw revenue grow for the first time in four years in 2013. This is largely helped by the digital industry, as advancements in legal downloading and streaming have drastically boosted the equity, driving an 11.9% rise in profits. Around 50% of the total trade within the music industry comes through digital revenues and thanks to a large-scale clamp down on online piracy the British music industry has made a strong comeback.
While it may not have quite made its way back to pre-2008 standards – currently standing 0.2% below the threshold – the UK’s industrial output has come on leaps and bounds since this initial impact. With gradual rises year on year and no signs of easing, it is very possible that industrial business is going to go above and beyond the level it was at in 2008. According to the EEF, industrial production is currently at the highest level that it has been at in five years, showing just how prominent this industry has been in the economy’s upturn.
There has been a huge push for the construction industry to build more homes and offices, which has seen a large amount of growth over a very short time period. This isn’t just great for the construction industry, but also for people and companies looking to buy property as there is a much greater availability in space.
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