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

Analysis Report: Economic and Business Activity in Hyndburn

Overview

The economic landscape of Hyndburn is characterised by a diverse range of sectors, with a total employment figure of 27,298. The region shows a healthy mix of industries, from wholesale and retail trade to professional services, indicating a balanced economic structure. The data provided reflects the dynamic business activities within the council area, with notable growth in employee numbers and a range of sectoral activities.

Employment and Business Growth

  • Total Employees: Hyndburn employs 27,298 individuals across various sectors. This figure is essential for understanding the labor market’s size and health.
  • Employee Growth: The percentage of employee growth is 8.94%, indicating a positive trend in job creation.
  • Top Sectors by Number of Companies:
    • Wholesale/Retail Trade and Repair of Motor Vehicles: 703 companies (18.82%)
    • Construction: 420 companies (11.24%)
    • Administrative and Support Service Activities: 363 companies (9.72%)
  • Number of Scale-ups: There are 22 scale-up companies, signifying a robust entrepreneurial environment and the potential for significant economic contributions from these growing businesses.

Business Continuity

  • Company Cessations: The data does not specify the number of company cessations, which is crucial for understanding business continuity and economic stability in the region.
  • Number of New Companies in the Last Two Years: 1,091, indicating a healthy rate of new business formation and entrepreneurial activity.
  • Number of SMEs: 2,506, showing a strong presence of small and medium-sized enterprises, vital for local economic diversity and resilience.

Gender Representation in Business

  • Founders Gender: Female founders constitute 10.53%, male founders 84.21%, and unknown gender 5.26%.
  • Directors Gender: Female directors make up 25.25%, male directors 72.14%, and unknown gender 2.61%.
  • Age Distribution of Directors: The distribution across various age groups shows a diverse range of leadership experiences, with the largest segment being directors aged between 50 and 60 years (27.88%).

Other Indicators

  • Number of Spinouts: Not available, which could provide insights into innovation and research commercialisation.
  • Attendance at Events: Not specified, which could indicate community engagement and networking opportunities in the business sector.
  • Number of Companies Ceased Operations: 4,542, a significant figure that might reflect challenges in the business environment.

Conclusion

Hyndburn presents a dynamic and diverse economic landscape, with strong growth in employment and a variety of active sectors. The prevalence of SMEs and the emergence of scale-ups suggest a fertile ground for entrepreneurship. However, the high number of ceased companies indicates potential challenges in sustaining business operations. The gender disparity in business leadership roles highlights an area for improvement in diversity and inclusion.

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