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Dundee’s economy ‘on the up’ despite company closures

Dundee’s economy ‘on the up’ despite company closures

Dundee has seen a spike in the number of business start-ups and jobs available, new figures reveal.

Despite a number of local companies shutting down in 2015, there were 800 more jobs available throughout the city (71,800 in total) last year than in 2014.

However, this is still well short of the 75,000 target for 2017.

In 2015, there were 41 new business start-ups per 10,000 head of population, compared to 32 in 2014.

This smashed the target of 36 for 2017.

The unemployment rate was down by 3.4%, going from 13.4% (9,200) in 2014 to 10% (6,700) last year.

There is still some way to go before the target of 8.4% is reached by 2017.

In addition, the economic value of Dundee’s tourism has grown by around £1 million and now stands at £151.2m.

Alison Henderson, chief executive officer of Dundee and Angus Chamber of Commerce, welcomed the figures.

She said: “I would say that these figures coincide with what we’re seeing, which is that Dundee’s economy is on the up.

“There are warnings about the global economy, but despite that there is a real energy and willingness to do business in Dundee.

“The city has had challenges such as the closure of large employers like Muirfield. Bearing that in mind, to see the net number of jobs on the increase is a good thing.

“We are seeing more people starting businesses and it would be good to make sure there is support for them so that they can increase the number of people they employ over the next three to five years.

“We also have a number of new shops and other businesses coming to the waterfront.”

The sectors that had the most significant jobs growth over the last 12 months were accommodation and food services (+19%), motor trades (+14%) and professional, scientific and technical Services (+10%).

The Single Outcome Agreement report, where the findings were published, explained that the increased job numbers were a “modest recovery” from the 2008 recession.

It added that while the spike in new business start-ups showed an increase in entrepreneurship, it also suggested that some people are considering self-employment as they are unable to secure a job.