Overview
The economic landscape of South Staffordshire is characterised by a diverse range of sectors with a total employment of 25,590. The region has seen significant business growth, with notable contributions from sectors like wholesale and retail trade, construction, and professional services. Despite a lack of IPOs, there’s a positive employee growth rate of approximately 9.33%. The region also demonstrates a strong foundation in small and medium enterprises (SMEs) and a modest presence in international markets, as indicated by the number of exporters and companies with foreign parentage.
Employment and Business Growth
- Total Employees: 25,590. The employment landscape in South Staffordshire shows a healthy mix across various sectors, with a notable increase in employment figures.
- Employee Growth Rate: 9.33%. This indicates a robust upward trend in employment, contributing to the region’s economic vitality.
- Top Sectors with Employment Growth: Not explicitly listed, but inferred from the top sectors, sectors like wholesale and retail trade, construction, and professional services are likely leading in employment growth.
Sector Dynamics
- Leading Sectors by Company Numbers: The dominant sectors are wholesale/retail trade (963 companies) and construction (890 companies), followed by professional, scientific, and technical activities (744 companies). These sectors form the backbone of South Staffordshire’s economy.
- Sectors with Rising Company Numbers: Notable sectors experiencing growth include other health and fitness, toys/games/sports equipment, design services, technology/IP-based businesses, and educational services. This diversity suggests a healthy, evolving business environment.
Business Continuity
- Company Cessations: The data does not explicitly mention company cessations, but 636 companies are listed as ‘dead’, which might indicate closures or inactivity.
- New Companies in 2 Years: 1,468 new companies emerged, showing vibrant entrepreneurial activity.
- Scale-ups: 33 scale-ups indicate a nurturing environment for growing businesses.
- SMEs and Exporters: There are 4,475 SMEs and 148 exporters, highlighting a strong local business presence with some international outreach.
Innovation and Investment
- Patent Owners and Grantees: With 69 patent owners and 2 grantees, the region shows modest innovation activity.
- Fundraisings and IPOs: The region recorded 2 fundraisings but no IPOs, suggesting a focus on private investment over public markets.
Diversity in Leadership
- Founders’ Gender: 9.68% female founders versus 90.32% male founders.
- Directors’ Gender: 28.44% female directors and 67.84% male directors, indicating a gender gap in leadership roles.
Youth and Spinouts
- Young Companies with Young Directors: 320 companies, showing a youthful entrepreneurial spirit.
- Spinouts: No recorded spinouts, suggesting potential areas for development.
Conclusion
South Staffordshire exhibits a robust and diverse economic profile with significant business growth, particularly in wholesale, retail, and construction. The presence of a substantial number of SMEs and a reasonable number of exporters and companies with foreign parentage indicate both local strength and international connections. The gender disparity in leadership and a lack of spinouts are areas for potential improvement. Overall, the region shows a healthy mix of traditional and emerging sectors, contributing to its economic resilience.