Overview
Mid Sussex shows a dynamic and diverse economic landscape. The total employment is robust at 54,582, with 124 companies reporting an increase in employees. The region’s industry is diversified, with significant activities in professional, scientific, technical, construction, and retail trade sectors. The absence of IPOs indicates a focus on established businesses rather than new public companies. The employee growth percentage of 7.54% is promising, showing an active and growing workforce. The presence of 63 scaleups signifies a healthy startup ecosystem. The region’s economic health is further underscored by the existence of 9,542 SMEs and 305 exporters, indicating a strong local and international business presence.
Employment and Business Growth
- Total Employees: 54,582. The number shows a healthy and substantial workforce in Mid Sussex.
- Employee Growth: 7.54% increase. This growth rate highlights the region’s positive employment trajectory and economic vitality.
- Number of Scaleups: 63. These high-growth companies are key drivers of economic growth, indicating a fertile ground for business expansion and innovation.
Sector Dynamics
- Top Sectors: The leading sectors include professional, scientific, technical activities (18.44%), construction (11.31%), and retail trade (11.13%). These sectors are foundational to the region’s economic structure, providing a diverse range of employment and business opportunities.
- Top Sectors with Employee Increase: Notable sectors with employee increase are wholesale, other consumer goods, healthcare products, technology/IP-based businesses, and distribution. This diversification suggests robustness in various industries.
Business Continuity
- Company Cessations: With 1,263 new companies and 1,037 companies ceasing operations, there’s a dynamic business environment. The number of new companies suggests a vibrant entrepreneurial spirit, while cessations indicate market competitiveness and the natural lifecycle of businesses.
Diversity and Innovation
- Gender Representation in Founders: 20.18% female, 78.90% male, and 0.92% unknown. This data shows a gender gap in entrepreneurship that could be addressed for more inclusive economic growth.
- Gender Representation in Directors: 28.60% female, 67.54% male, and 3.86% unknown. Similar to founders, there’s a notable gender disparity among directors.
- Patent Owners and Grantees: The presence of 507 patent owners and 6 grantees indicates a strong focus on innovation and intellectual property.
Conclusion
Mid Sussex’s economic health is characterised by a strong and growing workforce, diverse sector dynamics, and a vibrant entrepreneurial ecosystem. The region shows promising signs of continued growth, driven by a mix of established businesses and innovative startups. Addressing gender disparities in leadership roles could further enhance the region’s economic resilience and inclusivity.