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

Analysis Report: Economic and Business Activity in East Ayrshire

Overview

East Ayrshire’s economic landscape is characterised by a diverse mix of sectors, with a particular emphasis on Construction, Wholesale and Retail Trade, and Professional, Scientific, and Technical Activities. The region has a total of 17,894 employees, indicating a vibrant labor market. The business environment is dynamic, evidenced by the emergence of 1,164 new companies in the last two years. However, the lack of IPOs and scaleups suggests areas for growth and investment.

Employment and Business Growth

  • Total Employees: 17,894. East Ayrshire has seen a notable growth in employment, with a 9.06% increase in the number of employees. This growth is significant and indicative of a robust economic environment.
  • Employment Growth: The 9.06% employee growth rate is a positive indicator of economic health and suggests increasing business activity and potentially a growing need for labor.

Sector Dynamics

  • Top Sectors by Company Numbers: The leading sectors in East Ayrshire are Construction (671 companies), Wholesale/Retail Trade (556 companies), and Professional, Scientific, and Technical Activities (523 companies). These sectors play a pivotal role in the region’s economy.
  • Sector Growth Dynamics: The absence of data on top sectors raisers means it’s challenging to identify which sectors are growing fastest. However, the current sector spread shows a healthy diversification.

Business Continuity

  • Company Cessations: There were 460 company cessations, suggesting some level of business volatility. However, this needs to be viewed in the context of the 640 new SMEs and 72 new exporters, which indicates overall business ecosystem resilience.
  • Scaleups: The presence of 20 scaleups is a positive sign, showing that a number of businesses are achieving significant growth.

Corporate Demographics

  • New Companies: 1,164 new companies in the last two years shows a vibrant startup scene.
  • Gender Diversity in Founders and Directors: Founders show a fairly balanced gender representation with 40.54% female and 59.46% male. Directors, however, lean more towards male dominance (69.21% male, 27.87% female).

Conclusion

East Ayrshire exhibits a dynamic and diverse economic landscape with strong growth in employment and a significant number of new businesses. The robustness of its key sectors like Construction, Wholesale/Retail Trade, and Professional Services is a major strength. Challenges remain in increasing the number of scaleups and achieving greater gender balance in corporate leadership. Overall, East Ayrshire presents a promising environment for business development and economic growth.

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