Overview
Bath and North East Somerset showcase a dynamic economy with diversified sectors. The total employee count stands at 187,686, reflecting a robust employment scenario. The presence of sectors like Professional, Scientific and Technical activities, Construction, and Information and Communication indicates a balanced mix of traditional and modern industries. Notably, the region hasn’t experienced any IPOs, suggesting a focus on private or smaller-scale enterprises.
Employment and Business Growth
- Total Employees: 187,686. The region has experienced significant employment growth, with 375 companies reporting an increase in employees. This suggests a healthy job market and business expansion.
- Employee Growth Percentage: 6.997%, indicating a vibrant and growing economy.
- Top Sectors with Employment Growth: The sectors contributing most significantly to employment growth include Internet platforms, Software-as-a-Service (SaaS), and other business and professional services, showcasing a tilt towards technology and modern service industries.
- Number of Scaleups: 63, which are companies showing substantial growth over a short period. This is a positive indicator of the region’s entrepreneurial dynamism.
Sector Dynamics
- Top Sectors by Company Count: The leading sectors are Professional, Scientific and Technical activities (2,636 companies), Construction (1,504), and Information and Communication (1,395). This diversity reflects a robust and multifaceted economic base.
- Sectors with Most New Companies: Internet platforms and Software-as-a-Service (SaaS) are among the sectors with the highest number of new companies, indicating a growing trend towards digital and technology-based businesses.
Company Trends
- Total Companies: 14,092, a healthy number reflecting a diverse business ecosystem.
- New Companies in the Last 2 Years: 2,537, showing a promising rate of new business formation.
- SMEs: 11,058, forming the backbone of the local economy.
- Exporters: 288, indicating a degree of international business engagement.
- Companies with Foreign Parentage: 515, suggesting international investment and global business connections.
Business Continuity
- Company Cessations: 1,083 companies have ceased operations, which is a natural part of the business life cycle and may reflect market dynamics and competition.
Gender Diversity and Leadership
- Founders by Gender: 15.65% female founders and 82.82% male founders. This highlights a gender gap in entrepreneurship that could be an area for targeted development.
- Directors by Gender: 30.71% female directors, 64.84% male directors. While there is more gender diversity in leadership roles compared to founding roles, there’s still room for improvement.
- Age Distribution of Directors: A broad age distribution among directors, with a significant proportion (over 30%) above 60 years, indicating experienced leadership.
Conclusion
Bath and North East Somerset’s economy is characterized by a strong employment base, diverse sectors, and a healthy rate of new business formation. The dominance of sectors like Professional Services and Technology points towards a modern, service-oriented economy. However, the region faces challenges in gender diversity among founders and directors, as well as a lack of IPOs, which could indicate limited growth opportunities for larger-scale enterprises. Overall, the economic landscape is vibrant but could benefit from increased focus on inclusivity and support for scaling businesses.