The growth of the IT sector in the UK has accelerated to its fastest rate since the end of the recession, according to an analysis by Nixon Williams.
Nixon Williams analysed data obtained from a variety of recent reports published by the Office of National Statistics, which show that there are currently 154,765 active IT enterprises in the UK, a 7.9 per cent increase on the previous year when there were 143,450 active IT enterprises. The rate of new business creation in the IT sector is at its highest level since before the start of recession in 2008.
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Credit: Nixon Williams[/caption]
The number of active enterprises in the IT sector fell by 0.3 per cent, from 123,065 to 122,685 between 2008 and 2009, and has increased at an annual rate of 6.3 per cent between 2009 and 2013, before surging by 7.9 per cent over the past year.
At the same time, demand for IT skills is accelerating. The total size of the IT workforce is also increasing at its fastest rate since the end of the recession. A further 24,000 IT jobs were added over the past year, an increase of 5.2 per cent on the previous year. By comparison, the number of financial service sector jobs – which often competes with tech companies for the best talent – declined from 1,178,000 in 2009 to 929,000 in 2015, a fall of 21 per cent.
According to Nixon Williams, demand for IT contractors with specific skills sets is growing strongly, particularly among start-ups, which are often hesitant to commit to hiring full-time employees.