Overview
Newark and Sherwood, with a total of 48,483 employees across various sectors, demonstrates a dynamic economic landscape. The region is marked by a diverse range of business activities, with significant representation in professional, scientific, technical, wholesale, retail trade, and construction sectors. The area also shows a positive trend in business growth, as evidenced by the number of scale-ups and new companies established in the last two years.
Employment and Business Growth
- Total Employees: 48,483. The region has experienced a positive growth in employment, with a 5.35% increase in employee numbers. This indicates a thriving job market and opportunities for workforce development.
- Top Sectors: The leading sectors by company count are Professional, Scientific and Technical Activities (830 companies), Wholesale and Retail Trade/Repair of Motor Vehicles and Motorcycles (782 companies), and Construction (732 companies). These sectors are critical in driving the regional economy.
- Top Sectors (Raisers): Sectors showing significant growth include Legal Services, Design Services, Consumer Banking and Financial Services, Business Architectural Services, and Other Technology/IP-based businesses. This diversification suggests a robust and evolving business environment.
Business Continuity
- Company Cessations: 572 companies ceased operations, which might indicate challenges in certain sectors or normal business cycle dynamics.
- New Companies (2 Years): 1,502 new companies established in the last two years. This high number of new enterprises is indicative of a favorable business climate and entrepreneurial spirit in the area.
- Scale-ups: 31 scale-ups indicate a supportive environment for business expansion and growth.
Sector Dynamics
- SMEs and Exporters: 4,695 SMEs and 169 exporters highlight the region’s strong foundation of small and medium-sized enterprises, contributing significantly to the local economy.
- Foreign Parent Companies: 80 businesses with foreign parent companies show the region’s global business integration.
- Fundraisings and Patent Owners: 44 fundraisings and 4 patent owners reflect an environment conducive to innovation and investment.
Diversity and Governance
- Founders’ Gender: 17.14% female founders, 77.14% male founders, and 5.71% unknown. This data points to gender disparities in business founding, highlighting the need for more inclusive entrepreneurship opportunities.
- Directors’ Gender: 28.28% female directors and 61.54% male directors show moderate gender diversity in leadership roles.
- Age Distribution of Directors: The distribution of directors’ ages across various brackets demonstrates diversity in terms of experience and generational perspectives in corporate governance.
Conclusion
Newark and Sherwood’s economic and business activities exhibit a vibrant and diverse business ecosystem. The region’s employment growth, emergence of new companies, and the strength of SMEs and scale-ups indicate a robust economic environment. However, areas such as gender diversity in business leadership and company cessations need attention to ensure sustainable growth.