Overview
Northumberland showcases a diverse economic landscape with significant activities in professional, scientific, technical, and construction sectors. The region has experienced a notable increase in employee numbers, indicating robust business growth. However, there have been no IPOs, suggesting a focus on private or smaller-scale business ventures. The presence of young companies and directors implies a dynamic and evolving business environment.
Employment and Business Growth
- Total Employees: 57,254 employees, with an increase of 356, marking a 7.66% growth. This indicates healthy employment trends, likely driven by the region’s diverse economic sectors.
- Top Sectors with Employee Growth: Sectors such as Property/Land Development, Food and Drink Processing, Internet Platforms, and Civil Engineering Services have shown notable growth, indicating a shift towards these industries.
Sector Dynamics
- Top Sectors: Leading sectors include Professional/Scientific/Technical Activities (15.35%), Construction (12.16%), Retail Trade/Repair of Motor Vehicles (11.74%), and Real Estate (8.87%). This diverse mix underlines Northumberland’s multifaceted economic base.
- Emerging Sectors: Emerging sectors include Internet Platforms and Civil Engineering, which may signal new opportunities for economic development.
Company Trends
- Total Companies: Northumberland hosts 12,948 companies, with 1,644 new companies in the last two years, indicating a steady rise in entrepreneurship.
- Scaleups: The presence of 74 scaleups suggests a supportive environment for business expansion.
- SMEs and Exporters: 10,113 SMEs and 281 exporters reflect a strong backbone of small and medium-sized businesses contributing to the economy.
Business Continuity
- Company Cessations: There have been 1,192 company cessations, which is a natural part of the business cycle, indicating a dynamic market where new businesses replace those that close.
- Fundraisings and Patents: 306 fund-raisings and 14 patent owners suggest a focus on innovation and growth.
Governance and Diversity
- Directors’ Age and Gender: The distribution of directors’ ages shows a blend of experience and youth, with significant representation above 40 years. Gender diversity is moderate, with 29.95% female directors and 66.64% male directors.
- Young Companies and Directors: 517 young companies with young directors indicate a vibrant start-up scene.
Conclusion
Northumberland’s economy is characterised by a healthy mix of traditional and emerging sectors, with notable business growth and a dynamic entrepreneurial environment. The region’s focus on diverse industries, coupled with an environment supportive of scaleups and innovation, positions it well for future economic resilience and growth.