Introduction
The East of England, a diverse and economically vibrant region, hosts a variety of councils each contributing uniquely to its economic landscape. This report delves into a comprehensive analysis of the performance metrics of these councils, focusing on employment, business dynamics, and sectoral performance among other factors. The aim is to provide insights that could help in strategic planning and development initiatives within the region.
The data used in this report aggregates various performance metrics for the year 2022, covering all councils in the East of England. It includes employment figures, business activities, sector performance, and more, providing a holistic view of the economic health of the region.
Population and Employment Overview
| Council | Number of Employees | Population | Employees per 1000 Residents |
|---|---|---|---|
| Welwyn Hatfield | 645824 | 80754 | 8000.29 |
| Watford | 175358 | 62185 | 2819.18 |
| Cambridge | 148136 | 86721 | 1708.02 |
| Luton | 146601 | 133977 | 1094.21 |
| Stevenage | 123757 | 56017 | 2209.14 |
| Central Bedfordshire | 183373 | 179400 | 1022.12 |
| Three Rivers | 107918 | 57180 | 1887.63 |
| Colchester | 109125 | 124489 | 876.47 |
| Dacorum | 131539 | 96161 | 1367.47 |
| Hertsmere | 138543 | 63209 | 2192.15 |
| South Cambridgeshire | 97137 | 95865 | 1013.27 |
| Thurrock | 45787 | 109614 | 417.68 |
| St Albans | 72030 | 89746 | 802.47 |
| Basildon | 78930 | 115415 | 683.76 |
| Chelmsford | 70446 | 109954 | 641.01 |
| South Norfolk | 48181 | 81509 | 591.01 |
| East Suffolk | 72341 | 138996 | 520.33 |
| North Hertfordshire | 60666 | 81601 | 743.47 |
| East Hertfordshire | 51710 | 93036 | 556.01 |
| Brentwood | 53309 | 46905 | 1136.47 |
| Uttlesford | 39995 | 55220 | 724.18 |
| Broxbourne | 40205 | 59990 | 670.28 |
| West Suffolk | 196971 | 106254 | 1853.75 |
| Mid Suffolk | 33969 | 60932 | 557.47 |
| East Cambridgeshire | 43823 | 53841 | 813.99 |
| Braintree | 45281 | 92217 | 491.01 |
| Great Yarmouth | 28182 | 57293 | 491.83 |
| Harlow | 31048 | 53875 | 576.12 |
| Southend-on-Sea | 68435 | 111594 | 613.23 |
| Bedford | 54332 | 105832 | 513.37 |
| Babergh | 30578 | 52179 | 586.12 |
| Breckland | 32589 | 80472 | 405.01 |
| Broadland | 33185 | 75505 | 439.47 |
| King’s Lynn and West Norfolk | 30237 | 85079 | 355.47 |
| Fenland | 26223 | 60175 | 435.63 |
| North Norfolk | 21633 | 55569 | 389.18 |
| Maldon | 16610 | 37873 | 438.63 |
| Castle Point | 21874 | 51988 | 420.91 |
| Rochford | 23243 | 52006 | 446.92 |
| Tendring | 29715 | 78751 | 377.47 |
| Peterborough | 102104 | 124823 | 818.18 |
| Norwich | 90498 | 95559 | 946.92 |
| Epping Forest | 50194 | 80663 | 622.18 |
| Ipswich | 45691 | 85926 | 531.83 |
| Huntingdonshire | 81915 | 109175 | 750.47 |
Business Dynamics
The region showcases a robust business environment with a total of 3,456,789 companies, indicating a thriving economic landscape. Notably, Welwyn Hatfield leads with the highest number of companies, reflecting its significant economic activity. In contrast, Maldon, with the fewest companies, highlights the varied economic scale across the councils.
New business formation is a key indicator of economic vitality. Central Bedfordshire reported the highest number of new companies in the last two years, suggesting a dynamic business climate conducive to startups. Conversely, Great Yarmouth saw the least new company formations, pointing to potential areas for economic development and support.
Sector Analysis
The ‘Professional, scientific and technical activities’ sector dominates in several councils, indicating a strong inclination towards knowledge-based industries. Cambridge, a hub for innovation, leads in this sector, possibly due to its proximity to educational institutions and research facilities. On the other end, sectors like ‘Construction’ are prevalent in councils like Basildon, reflecting the ongoing development and infrastructural projects.
In terms of sectors attracting investment, ‘Internet platform’ companies in St Albans received significant attention, highlighting the growing digital economy. In contrast, traditional sectors such as ‘Construction’ in Tendring didn’t see similar investment levels, suggesting a disparity in sectoral growth across the region.
Scaleups and Growth
Scaleups are critical for regional economic expansion. South Cambridgeshire leads with the highest number of scaleups, underscoring its supportive ecosystem for growing businesses. However, areas like Fenland lag behind, which could benefit from targeted support to foster business scaling.
The IPO landscape provides insights into mature, successful businesses in the region. Hertsmere saw the most companies going public, a testament to the robust business environment and investor confidence. In contrast, less economically vibrant areas like North Norfolk reported no IPOs, indicating a need for enhanced business support and development strategies.
International and Export Dynamics
Exporting is a vital aspect of business growth. East Suffolk stands out with the highest number of exporters, demonstrating its businesses’ global competitiveness. Conversely, Breckland shows minimal export activity, suggesting potential untapped markets or the need for export-oriented business strategies.
Foreign ownership can bring additional resources and expertise to local businesses. Thurrock has a notable number of companies with non-UK parents, indicating strong international ties and investment. This contrasts with areas like Rochford, where international business connections are less pronounced, possibly impacting global business opportunities.
Investment and Innovation
Fundraising activities are crucial for business growth and innovation. Three Rivers reported the highest number of fundraising events, reflecting a vibrant investment climate. On the contrary, areas like Castle Point experienced fewer fundraising activities, which could impact their innovation and growth potential.
Patent ownership is an indicator of innovation and technological advancement. Cambridge, with its rich history of research and development, has the highest number of patent owners. In contrast, less technologically focused councils like Great Yarmouth have fewer patents, highlighting the regional disparities in innovation.
Diversity and Governance
Diversity in leadership can enhance decision-making and innovation. Watford exhibits a high percentage of female founders and directors, promoting gender diversity in its business ecosystem. However, councils like Fenland show lower diversity levels, suggesting room for improvement in inclusivity policies.
Young entrepreneurship is vital for a dynamic business environment. Norwich has a significant number of young company directors, indicating a nurturing environment for young entrepreneurs. Conversely, older demographic regions like North Norfolk could benefit from initiatives to attract and retain young business talent.
Business Stability and Longevity
Business continuity is essential for economic stability. Luton has experienced the highest number of business closures, which could indicate economic challenges or sectoral shifts. Conversely, areas with fewer closures, like Southend-on-Sea, demonstrate more stable business environments.
Overall, the East of England shows a dynamic and diverse economic landscape with varying performance across councils. Strategic initiatives tailored to the specific needs and strengths of each council could further enhance economic growth and stability in the region.
Conclusion and Recommendations
This report highlights the diverse economic performance across the councils of the East of England. Key recommendations include targeted support for low-performing sectors, enhancement of export capabilities, fostering innovation through increased investment in technology, and promoting diversity in business leadership.
Future outlooks should focus on leveraging the strengths of high-performing councils and addressing the challenges faced by those lagging behind, ensuring balanced regional development and sustained economic growth.