Overview
Herefordshire demonstrates a dynamic and diverse economic landscape. With a total employment of 66,578, the region has witnessed a range of sectoral growth, highlighting its adaptability and resilience. Key sectors such as wholesale, retail, and technical activities dominate, while emerging areas like mobile apps and food processing are on the rise. Despite no IPOs, the county shows healthy business activity, with notable increases in scaleups and new companies. Gender diversity in leadership positions shows progress yet underlines ongoing challenges in achieving parity.
Employment and Business Growth
- Total Employees: 66,578. Herefordshire has a robust employment base. The 9.07% employee growth rate suggests a thriving job market, reflecting economic vitality and business expansion.
- Top Sectors by Number of Companies: The leading sector is ‘Wholesale and retail trade / repair of motor vehicles and motorcycles’ with 2,492 companies, followed closely by ‘Professional, scientific and technical activities’ with 2,416 companies. This sectoral diversity underpins a resilient economy.
- Top Sectors by Growth: Emerging sectors like ‘Mobile apps’, ‘Food and drink processors’, and ‘Internet platforms’ indicate a shift towards technology and innovation, albeit on a smaller scale.
Business Continuity
- Company Cessations: With 1,427 company cessations, there’s a need to analyse the causes and address potential challenges in the business environment.
- Scaleups: The presence of 80 scaleups indicates a supportive ecosystem for business growth, crucial for long-term economic sustainability.
Gender and Leadership
- Founders’ Gender: 23.08% female founders against 74.73% male, showing a gender gap but also a significant female entrepreneurial presence.
- Directors’ Gender: 30.95% female directors is a positive indicator of diversity in leadership, though it still shows a majority of male directors (64.82%).
Innovation and Intellectual Property
- Patent Owners: The existence of 433 patent owners is a strong indicator of innovation and technological advancement in the region.
- Scaleups and SMEs: With 80 scaleups and 11,638 SMEs, Herefordshire demonstrates a robust foundation for growth and innovation in small and medium-sized enterprises.
Conclusion
Herefordshire’s economic landscape is marked by a diverse and growing employment base, a shift towards innovative sectors, and a notable presence of female leadership in business. While the region shows promising signs of growth and innovation, efforts to further balance gender disparity in leadership and address company cessations remain essential for sustainable economic development.