Overview
North West Leicestershire demonstrates a robust economic structure, marked by a diverse range of sectors and significant business activities. With 95,004 employees across various industries, the area shows a healthy employment landscape. The presence of strong sectors like professional, scientific, and technical activities, alongside construction and information and communication, highlights a balanced economic environment. The council’s commitment to fostering a conducive business climate is evident in the growth of employees, scaleups, and new companies.
Employment and Business Growth
- Total Employees: 95,004. The region has seen a healthy growth in employment, reflected in the 8.94% employee growth. This indicates a dynamic job market, with significant contributions from sectors such as professional, scientific, and technical activities, and construction.
- Employee Growth: The region has witnessed an 8.94% growth in employment, indicative of a thriving job market and a robust economy. This growth is essential for sustaining the economic vitality of North West Leicestershire.
Sector Dynamics
- Top Sectors: The leading sectors in the region are diverse, with professional, scientific, and technical activities (18.2%), construction (11.33%), and information and communication (10.92%) leading the way. This diversification reduces economic vulnerability and enhances innovation.
- Sectors with Most Growth: Notable sectors showing growth include internet platforms and aerospace. This reflects the council’s focus on nurturing emerging and high-tech industries, which are crucial for long-term economic sustainability.
Business Trends
- Total Companies: 7,571. This number reflects a vibrant business ecosystem, with a mix of established firms and new entrants, indicating a dynamic market.
- New Companies in Last 2 Years: 1,278. The influx of new companies is a positive sign of entrepreneurial spirit and business opportunities in the area.
- Scaleups: 62. This figure shows the council’s success in nurturing businesses that show significant growth potential, vital for long-term economic resilience.
Business Continuity
- Company Cessations: 902. While this number indicates some business closures, it is normal in a dynamic economy and could be due to various factors like market shifts or company evolution.
- SMEs and Exporters: The region has 5,535 SMEs and 263 exporters, highlighting the importance of small and medium enterprises in the local economy. Their contribution, especially in exports, is crucial for economic diversification.
Gender Diversity in Leadership
- Founders: 16.67% female, 83.33% male. There is a noticeable gender gap among founders, suggesting a need for more initiatives to encourage female entrepreneurship.
- Directors: 24.12% female, 72.09% male. Similar to founders, there’s a significant gender disparity in directorship roles, indicating room for improvement in gender diversity at leadership levels.
Conclusion
North West Leicestershire showcases a strong and diverse economy, underpinned by a mix of traditional and emerging sectors. The growth in employment and business scaleups is commendable, reflecting the council’s effective economic strategies. However, there is a need to address the gender disparity in business leadership and continue fostering a diverse and inclusive economic environment.