Overview
East Riding of Yorkshire exhibits a diverse economic landscape. With 127,475 employees across various sectors, the region shows a mix of traditional and emerging industries. Key sectors include professional, scientific, and technical activities, construction, and retail trade. Notably, there’s a significant presence of SMEs and a moderate number of new companies, indicating a dynamic business environment.
Employment and Business Growth
- Total Employees: 127,475. The region has shown an employment growth rate of approximately 9.58%, indicating a healthy job market and potential for economic expansion.
- Top Sectors for Employment Growth: The sectors with the most notable growth include internet platforms, e-commerce, server hardware, plastics, and veterinary services. This diversity suggests a balanced growth across both technology-driven and traditional industries.
Business Continuity
- Company Cessations: The data indicates a total of 15,74 company cessations, which, considering the overall number of companies (18,368), shows a relatively stable business environment with a cessation rate of about 8.57%.
Sector Dynamics
- Top Sectors by Number of Companies: Professional, scientific and technical activities (2,746 companies), construction (2,507 companies), and retail trade (2,322 companies) dominate the sector landscape. These sectors contribute significantly to the region’s economic vitality.
- Emerging Sectors: Sectors like internet platforms and e-commerce, although smaller in number, are showing signs of growth, reflecting a trend towards digitalisation.
Company Trends
- New Companies: In the past two years, 2,084 new companies have emerged, suggesting an entrepreneurial spirit and a conducive environment for startups.
- SMEs and Exporters: With 14,161 SMEs and 476 exporters, the region has a robust backbone of small and medium-sized businesses contributing to both local and international markets.
Diversity and Inclusion
- Gender Representation in Founders and Directors: Female founders constitute 14.43% and female directors 28.21%, indicating a need for enhanced gender diversity in leadership roles. Male directors dominate at 68.51%.
Conclusion
East Riding of Yorkshire presents a balanced mix of traditional and emerging sectors, with a stable business environment and a growing employment sector. While there is a healthy number of SMEs and new companies, efforts to increase gender diversity in leadership could further strengthen the region’s economic fabric.