Overview
County Durham showcases a diverse economic landscape, marked by significant activity in construction, professional services, and trade sectors. The area has maintained a steady growth in employment, with a notable 8.97% increase in employee numbers. The presence of various sectors, including emerging areas like analytics and materials technology, indicates a dynamic and evolving economic environment.
Employment and Business Growth
- Total Employees: 103,798. The region has experienced a healthy growth in employment, with a 8.97% increase, indicating a robust job market and economic expansion.
- Employee Raisers: 920 companies have increased their workforce, reflecting business expansion and a positive economic climate.
- Top Sectors by Company Count: Construction (14.88%), Professional Services (14.01%), and Trade (12.55%) dominate, showing a strong foundation in traditional industries alongside a burgeoning professional sector.
- Top Sectors with Rising Company Numbers: Notable growth in sectors like ‘Analytics, Insight, Tools’ and ‘Materials Technology’ suggests a shift towards high-tech and specialised industries.
Business Continuity
- Company Cessations: With 1,983 company closures, there’s a need to analyse factors leading to these cessations and develop strategies to enhance business resilience.
- New Companies (Last 2 Years): 5,056, indicating a vibrant entrepreneurial environment and a promising future for business diversity.
- Scale-ups: 123 businesses are identified as scale-ups, indicating significant growth potential in the region’s business ecosystem.
Sector Dynamics
- Small and Medium Enterprises (SMEs): 14,019, forming the backbone of the local economy and driving innovation.
- Exporters: 396, suggesting a decent level of international trade engagement.
- Companies with Foreign Parentage: 215, indicating a level of foreign investment and global connectivity.
Innovation and Development
- Patent Owners: 18, showing a modest level of innovation.
- Grant Recipients: 476, reflecting active pursuit of growth and innovation funding.
- Spinouts: The absence of spinouts suggests a potential area for development, encouraging university-industry collaborations.
Governance and Leadership
- Founders’ Gender: 20.74% female, 77.88% male. This gender disparity highlights a potential area for encouraging female entrepreneurship.
- Directors’ Gender: 27.12% female, 68.87% male, indicating a similar gender gap in leadership roles.
- Age of Directors: A wide age distribution, with the largest groups being in the 50-60 (27.42%) and 40-50 (23.78%) age brackets, suggesting experienced leadership.
Conclusion
County Durham’s economy is diverse and growing, with strengths in traditional sectors and emerging high-tech fields. While employment and business growth are positive, the gender gap in entrepreneurship and leadership, alongside a notable number of company cessations, present areas for improvement. Strategies to support female entrepreneurs, foster innovation, and enhance business continuity could further strengthen the economic landscape.