Overview
Ashfield showcases a diverse economic landscape with significant activities across various sectors. The dominance of wholesale and retail trade, alongside a robust presence in construction and professional services, indicates a balanced economic mix. The city’s healthy business environment is further evidenced by a substantial number of employees and companies, including small and medium enterprises (SMEs) and exporters.
Employment and Business Growth
- Total Employees: 52,321 employees in Ashfield represent a dynamic workforce. The 14.02% employee growth rate signifies a robust upward trend in job creation, indicative of economic vitality.
- Top Sectors by Company Number: Wholesale/retail trade and construction lead with 688 and 653 companies, respectively. This diversity supports resilience against sector-specific downturns.
- Top Sectors by Company Growth: Sectors like e-commerce and internet platforms, though small in number, are emerging as significant growth areas, suggesting a shift towards digital economies.
Sector Dynamics
- Top Sectors by Presence: The leading sectors by company presence are wholesale/retail trade (15.7%), construction (14.91%), and professional services (10.59%). This distribution highlights Ashfield’s multifaceted industrial base.
- Top Sectors by Growth: Notably, sectors such as other retail, e-commerce, and internet platforms, although small in absolute numbers, represent areas of high growth potential.
Company Trends
- Total Companies: Ashfield hosts 4,381 companies, a healthy indicator of its business-friendly environment.
- New Companies in 2 Years: The addition of 1,351 companies over two years underscores a vibrant entrepreneurial spirit and business formation rate.
- SMEs and Scaleups: With 3,098 SMEs and 41 scaleups, Ashfield demonstrates a strong foundation of small businesses with potential for significant growth.
- Exporters and Foreign Parent Companies: The presence of 164 exporters and 75 companies with foreign parentage shows Ashfield’s integration into the global market.
Business Continuity
- Company Cessations: The absence of IPOs and the relatively high number of company closures (463) in recent years suggest challenges in sustaining long-term business growth and necessitate strategies to enhance business longevity.
Conclusion
Ashfield’s economy is characterized by a diverse industrial base with significant activities in trade, construction, and professional services. The growth in employment and emergence of sectors like e-commerce indicate a transitioning economy. However, the challenges in sustaining business growth and a skewed gender representation in company leadership point to areas needing attention for balanced and inclusive economic development.