The number of companies in Somerset has reached its highest level on record, despite a year marked by economic uncertainty and new regulatory challenges.

New figures from the Inform Direct Review of Company Formations, which uses data from Companies House and the Office for National Statistics, reveal that at the end of 2024, the number of registered companies in Somerset had grown to 60,769, up from 60,186 the previous year. Over the course of the year, 6,153 new businesses were established across the county.

North Somerset led the way with 1,544 new businesses, followed by Bath and North East Somerset with 1,245. In Taunton Deane, 952 businesses were formed, bringing its total to 8,867, while West Somerset saw the lowest number of new registrations, with just 103.

John Korchak, managing director at Inform Direct, described the figures as a positive sign for Somerset's economy, despite ongoing challenges.

"It is really good news that Somerset can celebrate a record number of companies," he said.

"The year undoubtedly presented a range of challenges for business, with the uncertainty of the General Election, the introduction of new regulations, and concerns over Labour's first Budget in October, which included the increase in employer National Insurance."

He also highlighted the impact of global events such as the US Election and instability in the Middle East, which contributed to economic volatility.

"Despite all these factors, businesspeople in Somerset demonstrated great resilience and inspired leadership, evidenced in this successful result," Korchak added.

The increase in businesses in Somerset reflects a wider national trend, with the UK as a whole also reaching a record total of 5,637,210 companies—up from 5,476,772 in 2023.

Across the UK, 848,192 businesses were formed during the year, while 690,501 companies were dissolved.