Report: Fitness facilities revealed as Belfast’s fastest growing businesses having risen by 239% since 2017

A new study reveals fitness facilities and gyms are Belfast’s fastest growing businesses, the number of which has increased by a staggering 239% since 2017.

Also making their mark on the city’s economy are bookkeepers, which have increased by 78% in Northern Ireland’s capital, showing a demand for financial services.

Tyl by NatWest, the payments partner supporting UK SMEs and micro businesses, commissioned the Evolving Enterprise Index, showing the fastest growing and fastest emerging industries across the UK’s largest cities, including Belfast.

In partnership with Data City, Tyl by NatWest analysed from Companies House, showing the number of businesses newly opened in Belfast’s most economically significant industries between 2017 and 2022.

Mike Elliff, CEO of Tyl by NatWest, said: “This research is a testament to the very best of British business and shows that Belfast’s SMEs are responding to local demands.

"Entrepreneurs have had to weather an unprecedented global pandemic, a shifting political landscape and a rapidly transforming hybrid world. Our Evolving Enterprise Index shows that the UK is a thriving climate for new entrepreneurs who have cemented themselves as the epitome of resilience given the challenges of recent years.

"Whether SMEs are looking to start, scale or grow their business, we are proud of the role Tyl can play in helping them do so. Our index offers valuable insights for SMEs to better understand the unique business blend of their local communities, and which markets they can take advantage of.”

Tyl’s research also spotlights which sectors in Belfast have gained completely newfound momentum between 2017 and 2022. The emergence of 31 brand new garden centres shows that Belfast is an exciting hub for horticultural crafts and that the UK garden scene is blossoming in inner city environments.

Additionally, Belfast has seen 26 new veterinary practices open up, highlighting a demand from locals for pet care services, and 22 new funeral services.

According to small business expert, Teresa Heath-Wareing: “The key to a thriving SME economy is in a wide variety of sectors that will appeal to a diverse range of consumers. It’s reassuring to see the positive outlook for small businesses who take the time to understand their local landscape and business climate.

“Small businesses are fighting an uphill price battle against larger organisations. To succeed in such a competitive environment SMEs must embrace the ways they add value to their customers that go beyond the bottom line.”