Overview
Inverclyde’s economy is characterised by a diverse range of sectors, with notable strengths in professional, scientific, and technical activities. The region shows signs of vibrant business activity, although challenges are evident in certain areas. This report delves into the specifics of employment, business growth, sector dynamics, and company trends.
Employment and Business Growth
- Total Employees: Inverclyde reports 12,600 employees. The growth rate of 6.45% in employment is indicative of a modestly expanding job market. This suggests a stable economic environment that supports workforce development.
- Top Sectors by Company Count: The leading sectors are:
- Professional, scientific, and technical activities (370 companies, 15.72%)
- Wholesale and retail trade/repair of motor vehicles (343 companies, 14.57%)
- Construction (278 companies, 11.81%) These sectors highlight Inverclyde’s diverse economic base, with a strong presence in both service-oriented and traditional industries.
- Scale-ups: The presence of 10 scale-up companies indicates an environment conducive to business growth, reflecting positively on the region’s support mechanisms for expanding businesses.
- New Companies (Last 2 Years): 646 new companies emerged, representing a significant portion of the total 2,354 companies. This high rate of new company formation underscores a dynamic and entrepreneurial business climate.
Business Continuity
- Company Cessations: With 274 company cessations, there’s a notable churn in the business landscape, which is a normal part of a healthy economy. It also indicates opportunities for new businesses to enter the market.
- SMEs and Exporters: The presence of 1,629 SMEs and 27 exporters suggests a robust small and medium-sized enterprise sector, which is crucial for economic resilience and diversification.
- Foreign Parent Companies: The absence of companies with foreign parentage indicates a predominantly local business ecosystem.
Sector Dynamics
- Fundraisings and Patent Owners: 5 fund-raising events and no patent owners indicate limited but present innovation and investment activities within the region.
- Company Directors: The gender distribution among company founders and directors shows a male predominance (Founders: 73.33% male, 26.67% female; Directors: 69.99% male, 26.58% female). This highlights a gender gap in entrepreneurial and leadership roles.
Conclusion
Inverclyde’s economic landscape is marked by a healthy mix of established and emerging sectors, a growing workforce, and a vibrant small business scene. The region shows potential for future growth, albeit with areas for improvement in innovation and gender diversity in leadership roles.