Overview
Cumberland’s economic landscape showcases a diverse range of industries, with a notable emphasis on professional, scientific, and technical activities. The city’s business environment is characterised by steady employment, a mix of established and emerging sectors, and a gender diversity trend in leadership roles. Key indicators such as company formations, scale-ups, and SME presence suggest an active and evolving business ecosystem.
Employment and Business Growth
- Total Employees: 45,302 employees. Cumberland has experienced a significant number of businesses raising employee numbers, indicating a robust job market and potential for economic growth.
- Employee Growth: An 11.29% growth in employee numbers signifies a positive trend in employment, reflecting business expansions and the emergence of new enterprises.
- Scale-ups: With 59 scale-ups, Cumberland’s business landscape is actively evolving, contributing to job creation and economic dynamism.
Sector Analysis
- Top Sectors: The leading sectors are diverse, with professional, scientific, technical activities (13.98%), construction (13.14%), and trade/repair of motor vehicles and motorcycles (11.08%) at the forefront. This diversity underlines a balanced economic structure.
- Sector Growth: Sectors showing significant growth include food and drink processing, other retail, veterinary services, e-commerce, and professional services for businesses, indicating emerging opportunities in these areas.
Company Dynamics
- Total Companies: There are 3,348 companies in Cumberland, reflecting a healthy business environment.
- New Companies (2 Years): 610 new companies in the last two years highlight an entrepreneurial spirit and a conducive environment for startups.
- Small and Medium Enterprises (SMEs): With 2,657 SMEs, the backbone of Cumberland’s economy is strong, providing stability and diversity.
- Exporters: The presence of 81 exporters indicates a level of international business engagement, which is crucial for economic expansion.
- Companies with Foreign Parentage: 87 companies have foreign parentage, showing international investment and global connectivity.
Innovation and Growth
- Fundraisings: 7 fundraisings suggest active capital movement, essential for growth and innovation.
- Patent Owners: 196 patent owners in Cumberland point towards a culture of innovation and intellectual property development.
- Grantees: 6 grantees reflect active participation in grant programs, indicating a pursuit of growth and development opportunities.
Leadership and Diversity
- Founders Gender: 17.02% female founders and 80.85% male founders, with a small percentage (2.13%) unknown, showing gender diversity but also room for improvement.
- Directors Gender: 28.84% female directors and 68.42% male directors, with 2.74% unknown, indicate a significant female representation in leadership, albeit still skewed towards males.
- Age Distribution of Directors: The distribution of directors across age groups is fairly balanced, with a notable presence of directors aged over 60 (32.02%) and between 50-60 (29.09%), indicating experienced leadership.
Business Continuity
- Company Cessations: The data on company cessations is not explicitly provided, but the number of new companies and scale-ups suggest a dynamic business environment.
Conclusion
Cumberland’s economy is marked by a diversified industrial base, significant employment growth, and an evolving business landscape. The presence of SMEs and scale-ups, along with a fair representation of women in leadership roles, indicates a robust and forward-looking economic environment. Continued focus on innovation, sectoral growth, and diversity can further strengthen Cumberland’s economic standing.