Overview
Babergh demonstrates a diverse economic landscape, highlighted by its strong presence in professional, scientific, technical, and construction sectors. The region has experienced noticeable growth in employment, with a particular emphasis on small and medium-sized enterprises (SMEs) and a notable participation of female founders and directors in the business ecosystem.
Employment and Business Growth
- Total Employees: 30,578. The area has witnessed a steady growth in employment, with a 8.66% increase in employee numbers, indicating a robust job market.
- Employee Growth Rate: 8.66%. This healthy growth rate suggests a dynamic economic environment conducive to job creation.
- Number of Scale-ups: 30. The presence of scale-ups indicates a supportive environment for business expansion.
- Top Sectors with Employment Growth: Professional, scientific, and technical activities; Construction; Wholesale and retail trade. These sectors are pivotal in driving employment growth in the region.
Sector Dynamics
- Top Sectors by Company Numbers: Professional, scientific and technical activities (851 companies), Construction (749 companies), Wholesale/Retail Trade (644 companies). These sectors form the backbone of Babergh’s economy.
- Sectors Showing the Most Growth: Other retail, Pubs and clubs, Consumer banking and financial services, E-commerce, Internet platforms. This diverse range of growing sectors suggests a balanced and evolving economic landscape.
Business Continuity
- Total Number of Companies: 5,469. This reflects a vibrant business community.
- New Companies in Last 2 Years: 1,059. The region shows a promising environment for new businesses.
- Number of SMEs: 4,346. SMEs form a significant part of the local economy, indicating a strong entrepreneurial spirit.
- Company Cessations: 443. This figure suggests a relatively stable business environment, with a moderate number of closures.
Diversity in Leadership
- Percentage of Female Founders: 17.86%. While lower than male participation, this indicates a growing trend of female entrepreneurship.
- Percentage of Female Directors: 30.08%. This is a positive indicator of gender diversity in leadership roles within companies.
Conclusion
Babergh presents a dynamic and diversified economic profile with a significant emphasis on professional services, construction, and trade. The area shows healthy growth in employment and new business formation, underpinned by a strong presence of SMEs. The involvement of women in founding and directing companies, though still evolving, adds to the diversity of the business landscape.