Overview
Stockton-on-Tees, a vibrant commercial hub, showcases a diverse economic landscape with significant activities in sectors such as professional, scientific, technical, and construction. The city’s commitment to fostering a dynamic business environment is evident through its growth in employment, presence of various scale-ups, and the balance in its sectorial distribution.
Employment and Business Growth
- Total Employees: Stockton-on-Tees employs 56,627 individuals, with a notable rise of 292 employees across various sectors. This growth, at approximately 10.84%, underlines a robust job market and economic expansion.
- Top Sectors by Company Numbers: Key sectors include professional, scientific, and technical activities (17.32% of companies), construction (12.96%), and real estate (12.78%). These sectors form the backbone of the local economy, demonstrating diversity and potential for innovation.
- Sectors with Rising Company Numbers: IT support services, Internet and networking hardware, and other telecommunications services are among the top sectors experiencing a rise in company numbers. This trend reflects a growing emphasis on digital infrastructure and tech-driven solutions in the region.
Business Continuity
- Company Cessations: The data shows that there have been 1,144 company cessations, which suggests challenges in sustainability for some businesses, possibly due to economic shifts or competitive pressures.
Entrepreneurship and Innovation
- Number of New Companies (Last 2 Years): Stockton-on-Tees witnessed the formation of 1,638 new companies over the past two years, indicating a vibrant entrepreneurial spirit.
- Number of SMEs: The presence of 7,761 SMEs shows a strong foundation of small and medium-sized enterprises, crucial for economic resilience and innovation.
- Number of Exporters: With 179 exporters, the city demonstrates a significant international business footprint.
- Number of Companies with Foreign Parent: 205 companies in Stockton-on-Tees are subsidiaries of foreign parents, showing global business integration.
Governance and Leadership
- Percentage of Female Founders: Female founders constitute 15.96% of the entrepreneurial landscape, while male founders dominate at 81.91%. This highlights a gender gap in business leadership.
- Percentage of Directors by Gender: Female directors represent 23.78% against 69.19% male directors. This further underscores the gender disparity in corporate leadership roles.
- Young Companies with Young Directors: 464 companies led by young directors indicate a promising trend towards youthful leadership and innovative business approaches.
Conclusion
Stockton-on-Tees presents a dynamic economic profile with significant growth in employment, a diverse sectorial presence, and a robust entrepreneurial spirit. The city’s economic health is bolstered by its SMEs and innovative sectors, although there are challenges in terms of business sustainability and gender diversity in leadership.