Northern Ireland has one of the fastest growing knowledge economies in the UK, according to research released today which shows it supported 410 new business start-ups last year.

The 2015 Knowledge Economy report which was commissioned by NISP Connect, an independent, non-profit organisation at the Northern Ireland Science Park, measured data on exports, productivity, gross value added and wages across the UK.

It highlights that Northern Ireland and the northwest of England have the fastest growing knowledge economies in the UK.

According to the report, produced by the Ulster University economic policy centre, London and the south of England continue to dominate as the largest knowledge economies.

Jobs

In Northern Ireland, people who work in the knowledge economy earn salaries which are 50 per cent higher than average. Latest statistics show 4,260 direct jobs in the sector were created between 2009 and 2013. NISP Connect estimates that a potential 42,000 jobs could be created by 2030 if Northern Ireland hits current ambitious targets. But the organisation also says there are “warning signs” the sector’s growth rates could slow if certain factors do not remain in place.

Steve Orr

, director of NISP Connect, said: “Our message is simple – funding education and innovation are critical to remain competitive.”