Overview
East Suffolk’s economic landscape is diverse and dynamic, marked by significant activity in sectors such as professional, scientific, and technical activities, and construction. The area demonstrates a healthy mix of established companies and new, growing businesses, with a notable presence in innovative sectors. The gender distribution among founders and directors highlights a need for increased female representation in leadership roles.
Employment and Business Growth
- Total Employees: East Suffolk boasts a total of 72,341 employees. The region has seen a growth in the number of employees, with 176 businesses reporting an increase in their workforce.
- Percentage Employee Growth: The area has experienced a 7.59% growth in employee numbers, indicating a robust and expanding job market.
- Number of Scaleups: The presence of 88 scaleups demonstrates the region’s ability to support businesses in their growth phase, contributing to the overall economic dynamism.
Sector Dynamics
- Top Sectors: The leading sectors are diverse, with ‘Professional, Scientific, and Technical Activities’ (14.81%), ‘Construction’ (12.44%), and ‘Wholesale and Retail Trade’ (11.67%) at the forefront. This variety suggests a balanced economic environment.
- Sectors with Most Growth: Notable sectors experiencing growth include Internet platforms and Software-as-a-Service (SaaS), each with two rising companies. This indicates a trend towards digital and technology-driven businesses.
Business Continuity
- Company Cessations: The data indicates a total of 1,042 companies ceased operations, a figure that warrants attention for understanding business challenges in the region.
- Number of New Companies in 2 Years: With 2,480 new companies established in the last two years, there’s a significant influx of entrepreneurial activity, indicating a vibrant and fertile business environment.
- Number of SMEs: The presence of 9,632 SMEs underlines the backbone of the local economy being small and medium-sized enterprises.
Diversity and Leadership
- Gender Distribution among Founders: 16.16% female founders versus 79.79% male founders points to a gender gap in entrepreneurial initiatives.
- Gender Distribution among Directors: The distribution among directors shows 28.91% female and 67.92% male, reflecting similar trends in leadership roles.
Conclusion
East Suffolk presents a healthy economic picture with diverse sector involvement and significant new business formation. The growth in employment and the rise of tech-oriented businesses reflect a forward-looking economic landscape. However, the gender disparity in leadership and entrepreneurial roles, along with a notable number of company cessations, are areas that require strategic focus for sustainable economic development.