Leeds tech firms growing at rate of more than double national average, according to new study

Businesses classified in the tech RTIC (Real-Time Industry Classifications) category report an annual growth rate of 3.6, per cent compared with 1.6 per cent.

Further analysis of the data also highlights that micro, small, and medium-sized enterprises in the tech RTICs dominate the sector in terms of volume within the Net Zero, agency market, and life sciences sectors, experiencing an estimated annual growth rate of 5.8 per cent.

The software development sector in Leeds is also growing at an annual rate of 20 per cent, outpacing the national average of 13.8 per cent. The agency market and cyber are the other key top tech based RTICs growing and leading the change in Leeds.

The new figures come ahead of the 2024 Leeds Digital Festival, set to take place in September.

Leeds Digital Festival is the UK's largest open platform tech event and the biggest outside London, with this year marking the ninth time the festival has run.

It is designed to “inspire and encourage” collaboration with the aim of promoting the strength of the sector in the city to a global audience

Stuart Clarke MBE, festival director, said: "The economic growth figures show that Leeds’ is taking giant steps forward in terms of leading the way in innovation, enterprise and delivery of emerging tech on a regional, national and international level.

“The Digital Festival is a positive celebration of this, harnessing the Leeds tech ecosystem’s unique collaborative spirit that is helping it to grow faster than larger cities across the UK. Since the first one in 2016, the Festival has gone from strength to strength, growing in both scale and visibility each year.

“What began as a few big ideas from tech organisers within the city – backed by the local tech community and a small grant – has evolved into the UK’s largest open-platform celebration of all things tech and digital, outside of London.”

The Festival is supported by premier sponsors BJSS and PEXA, alongside executive sponsors Accenture, DWP Digital, Glean, Lloyds Bank, Nexus University of Leeds, and Flutter, plus launch sponsors Leeds Building Society.

Rich McIntyre, chief engineer at BJSS, added: “The tech community in Leeds is developing rapidly, creating a strong legacy and an exciting roadmap for the future.”