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The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.

Analysis Report: Economic and Business Activity in Cornwall

Overview

Cornwall’s economic landscape presents a diverse range of sectors, with a significant focus on Construction, Professional, scientific and technical activities, and Trade. The region shows a notable trend in emerging high-tech sectors, such as Analytics, SaaS, and Mobile Apps. Despite not witnessing any recent IPOs, Cornwall has experienced a healthy 11.07% growth in employee numbers, indicating robust business growth. The presence of scale-ups and new companies suggests a dynamic entrepreneurial environment.

Employment and Business Growth

  • Total Employees: 132,409. The 11.07% growth in employee numbers signals a positive trend in job creation. This growth is likely driven by the dominant sectors and the rise of new businesses.
  • Employee Growth Drivers: 631 companies have increased their employee count, reflecting an expanding job market and business confidence in the region.

Sector Dynamics

  • Top Sectors by Company Numbers: Construction (13.7%), Professional/Scientific/Tech (13.59%), Trade (12.25%), Real Estate (8.5%), Accommodation/Food Service (8.46%). This diversity shows Cornwall’s balanced economic structure.
  • Emerging Sectors: Notable growth in sectors like Analytics, SaaS, and Internet platforms, indicating a shift towards technology-driven businesses.
  • Total Companies: 26,832. The region’s business landscape is vibrant and diverse.
  • New Companies (Last 2 Years): 3,073. A healthy rate of new business formation indicates an entrepreneurial spirit and opportunities for economic expansion.
  • SMEs and Exporters: 21,218 SMEs and 563 exporters. SMEs form the backbone of the economy, while the number of exporters reflects global business engagement.
  • Foreign-Owned Companies: 217. This demonstrates Cornwall’s attractiveness to international investors.

Innovation and Growth

  • Scaleups: 157. These high-growth companies are crucial for job creation and innovation.
  • Fundraisings and Patent Owners: 438 fundraisings and 28 patent owners. A strong indication of active investment and innovation in the region.

Diversity and Inclusion

  • Founders by Gender: 21.63% female, 76.97% male. There’s room for improving gender diversity among entrepreneurs.
  • Company Directors by Gender: 31.89% female, 64.44% male. Similar trends are observed in leadership positions.

Conclusion

Cornwall demonstrates a robust and diverse economic environment with strong growth in employment and business formation. The rise in high-tech sectors and scale-ups indicates a shift towards innovation-driven economy. However, there’s a need to enhance gender diversity in entrepreneurship and leadership roles.

The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.