Newham home to highest number of start-ups in London
More than 6,000 new businesses were started in Newham in the last two years - the second highest number in the country.
Business leaders in the borough believe the Olympics and the opening of Westfield Stratford City, is behind the impressive growth in start-ups.
The total number of new companies set up in Newham between February 2010 to 2012 totalled 14,762, according to research by the credit firm Experian.
East London Business Alliance’s Newham programme director Alison White said the effect of the Olympics was more keenly felt as the Games approached.
She said: “It feels like the whole city is moving east and more and more people are understandably being drawn to the area.
“The London 2012 Games are just the tip of the iceberg, once they are over the new London Legacy Development Corporation (LLDC) will be working to secure the legacy of the Games within the development of the Olympic Park.
“The other major developments in Silvertown Quays and the Royal Docks will also bring new jobs and opportunities.
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The organisation will make links with the LLDC to ensure people from the borough benefit from any legacy work at the Olympic Park.
Mr White added: “We will also be working with the council to help secure jobs for local people and with schools to support skills and aspirations.”
This statistics were based upon average annual growth in very local authority business base between 2010 and 2012. It took into account start ups and insolvencies.
A Newham Council spokesman added: “An increase in new businesses is good news for Newham and demonstrates the entrepreneurial nature and resilience of our residents.
“Newham is home to some of the largest and most spectacular development sites in Europe.
“More businesses will help contribute to this economic regeneration and will ultimately create more jobs for our residents.”