Business failures in the district jumped by 33 per cent last month, according to professional services firm Deloitte & Touche.
The total number of receiverships and administration appointments in the region rose to 12 in May, up from nine in April.
Nationally, the number of receiverships rose from 129 to 152 last month.
Angus Martin, reorganisation services partner for Deloitte & Touche, said: "It is concerning to see the number of business failures in the region increase for the first time this year - and at a faster rate than the national statistics. However, last month's total for the region was the lowest May figure since 1999 and therefore it is probably too early to draw any significant conclusions.
"Many people will have been reassured by the recent fall in inflation which has reduced the chance of any imminent rise in interest rates but these latest figures are a timely warning that business conditions are still tough."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article