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What Are The Fastest Growing Industries In The UK?

Posted on by Murray & Lamb

When it comes to winning investment, a business’s growth will be a big influence. Business growth is inextricably linked to rises in revenue, stock value and the subsequent profit that investors can make. It can be a complex process to predict how well individual companies will fare, but on an industry level, the trends are easier to see. Here we will take a look at some of the current fastest growing and developing industries in the UK.

Accounting and finance

With the economic challenges still faced as a result of recession and now the uncertainties caused by Brexit, the demand for professional financial guidance is high. Businesses are looking to accountants and financial experts to help them cope with the necessary changes. On a more positive note, the continued popularity of startups also require the guidance of experienced accountants. Additionally, increased foreign investment into UK companies and business mergers/acquisitions leads to an increased need for corporate finance specialists.

Construction and engineering

The demand for engineering and construction work is strong. Recent government budget and infrastructure commitments have helped to solidify growth in these industries. Projects such as HS2, a new Heathrow runway and the target for 200,000 new-build properties to be built annually will help to create business and job growth.

Marketing and advertising

Increased understanding of, and advancements in, digital marketing and advertising have driven this area’s growth. Hootsuite quotes that over the past two years alone, the worldwide spend on social media advertising has doubled to $31 billion in 2016. In the London Stock Exchange’s 2017 round-up of the top 1000 dynamic SMEs, businesses in the marketing and advertising sectors were some of the fastest growing, averaging growth rates upwards of 90%.

IT and technology

With rapid advancements in IT and technology, it is perhaps unsurprising that these areas are also growing speedily too. A wealth of talent and innovation has helped ensure investment is strong, leading to IT and technology firms being big contributors to Britain’s economy. In fact, the UK tech industry is the leader across Europe, with more investment since 2011 than France and Germany combined. This truly is testament to the cutting edge developments and opportunities coming from the UK.

These industries, thanks to their fast and strong growth, make for great areas to invest in for a good chance of favourable returns. Alternatively, if you have expertise in one of these areas, original ideas and entrepreneurial spirit, then now could be the perfect time to launch your business startup.

Murray & Lamb has a team of experienced chartered accountants and business advisors who serve clients across the North East. Our skilled staff can offer valuable advice and help you successfully deal with the financial aspects of your business, whether that’s an established company or a business startup. We offer a range of services tailored for startups as well as a selection of accounting services, such as bookkeeping, corporate tax and payroll provision. To discuss how we can aid your business, simply get in touch with our helpful team today.

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