Overview
Chorley’s economic landscape demonstrates a dynamic business environment. With 37,910 employees across various sectors, the city shows a robust employment framework. The significant presence in professional, scientific, technical, construction, and retail trade sectors indicates a diversified economic base. The growth in employee numbers (8.43%) and the emergence of new companies (1,725 in 2 years) reflect a healthy, expanding economy. The presence of scaleups, SMEs, and companies with foreign parentage enriches the business ecosystem, fostering innovation and global connections.
Employment and Business Growth
- Total Employees: 37,910. The employment scenario in Chorley is strong, marked by a 8.43% growth. This indicates a thriving job market, likely driven by the diversification of its business sectors and the emergence of new companies.
- Top Sectors with Employee Growth: The top sectors showing growth include ‘Professional, scientific and technical activities’, ‘Construction’, and ‘Wholesale and retail trade’. These sectors are pivotal in driving economic development, indicating a balanced mix of service-oriented and traditional industries.
Sector Dynamics and Company Trends
- Top Sectors by Company Count: Leading sectors are ‘Professional, scientific and technical activities’ (1,056 companies), ‘Construction’ (1,017 companies), and ‘Wholesale and retail trade’ (947 companies). This diversity suggests a resilient economic structure capable of weathering sector-specific downturns.
- Top Sectors with Rising Company Numbers: Notable growth in sectors like ‘Other retail’, ‘Ships’, and ‘Banking and financial services’ reflects evolving market demands and a potential shift towards more specialized industries.
Business Continuity
- Company Cessations: Chorley witnessed 8,823 company cessations, a significant number that may indicate competitive market conditions or shifting economic landscapes. Analyzing the reasons behind these cessations could provide insights for future business resilience strategies.
Gender Representation in Leadership
- Founders: 14.29% female founders and 85.71% male founders. This gender disparity highlights the need for more inclusive entrepreneurship ecosystems.
- Directors: 26.73% female and 70.02% male directors, pointing towards a gender gap in corporate leadership roles.
Conclusion
Chorley’s economy is characterised by its diverse industrial presence, growing employment rates, and a surge in new businesses. However, the high number of company cessations and gender disparity in leadership roles present areas for improvement. Addressing these challenges could further strengthen Chorley’s economic resilience and inclusivity.