Overview
Wychavon’s economic landscape is marked by a diverse range of business activities, with significant representation in sectors like Administrative and Support Service Activities, Professional, Scientific and Technical Activities, and Retail Trade. The area shows a healthy mix of established companies and new businesses, indicating an environment conducive to both business growth and entrepreneurial ventures. The gender diversity in founding and director roles, though skewed towards male dominance, shows a notable female representation.
Employment and Business Growth
- Total Employees: Wychavon employs 62,843 individuals across various sectors. The region has seen an 80-company increase in employers.
- Employment Growth: A 5.09% growth in employment suggests a positive economic trajectory, reflecting job creation and possibly attracting talent to the region.
- Sector Dynamics: The leading sector is ‘Administrative and Support Service Activities’ with 2,588 companies (20.2%), followed by ‘Professional, Scientific and Technical Activities’ (1,530 companies, 11.94%), and ‘Retail Trade’ (1,406 companies, 10.98%).
- Business Growth in Sectors: Notable growth sectors include ‘Other Manufacturing and Engineering’ and ‘CleanTech’, indicating diversification and potential new opportunities for economic development.
Business Continuity
- Company Cessations: The region has seen 1,222 company cessations, indicating a churn in the business landscape, which is normal in a dynamic economy.
- New Companies: Wychavon has welcomed 3,075 new companies in the last two years, demonstrating a vibrant entrepreneurial climate and business confidence.
Innovation and International Trade
- Patent Owners and Grantees: With 268 patent owners and 5 grantees, the region shows a modest level of innovation activity.
- Exporters and Foreign Parent Companies: The presence of 321 exporters and 198 companies with foreign parents underscores Wychavon’s integration into the global market.
Gender Diversity in Leadership
- Founders: 12.5% of founders are female, while 83.33% are male. This disparity highlights a gender gap in entrepreneurship.
- Directors: The gender split among directors shows 33.43% females and 63.29% males, suggesting a similar trend in corporate leadership roles.
Age Dynamics and Spinouts
- Young Companies with Young Directors: There are 775 companies led by young directors, reflecting a youthful entrepreneurial spirit.
- Spinouts: The absence of spinouts indicates a potential area for development, focusing on fostering university-industry collaborations.
Conclusion
Wychavon’s economic environment is characterised by a healthy mix of diverse sectors, steady employment growth, and a dynamic business landscape with a good influx of new companies. While innovation indicators like patent ownership are moderate, there’s potential for growth in areas like spinouts and gender diversity in entrepreneurship and leadership. The council’s focus might include nurturing emerging sectors and enhancing diversity in business leadership.