Overview
Mid Devon’s economic landscape reflects a diverse range of sectors, with notable growth in employment and business activities. With a total of 18,220 employees, the region shows a dynamic business environment. Key sectors include professional services, construction, and retail trade, indicating a balanced economic composition. The presence of 29 scaleups and an increase in new companies over the past two years highlight entrepreneurial vibrancy. However, the absence of IPOs and a moderate percentage of female founders and directors suggest areas for potential improvement.
Employment and Business Growth
- Total Employees: 18,220. Mid Devon has experienced a growth in employment, indicating a robust job market. The employee growth rate stands at approximately 7.01%, reflecting positive economic momentum.
- Sector Dynamics: The top sectors in Mid Devon include professional, scientific, and technical activities (14.88%), construction (14.65%), and wholesale/retail trade (12.7%). This diversity suggests a well-rounded economy.
- Top Sectors with Growth: Sectors such as beauty services, internet platforms, and hotels show growth, albeit with a small number of companies in each, pointing to emerging niches.
Business Continuity
- Company Cessations: Mid Devon experienced 314 company cessations, which could be a point of concern. This figure needs to be contextualised with regional economic conditions and sector-specific trends.
Gender Diversity in Leadership
- Founders: 21.74% of founders are female, while 78.26% are male. This gender disparity highlights the need for more inclusive entrepreneurship.
- Directors: Female representation among directors is 31.65%, compared to 65.3% for males. Although better than the founders’ ratio, it still points towards a gender imbalance in leadership positions.
Conclusion
Mid Devon’s economy is characterised by a diverse sectoral composition, steady employment growth, and a burgeoning entrepreneurial scene. However, the lack of IPOs, gender disparity in leadership, and a significant number of company cessations indicate areas for improvement. Fostering a more inclusive leadership landscape and supporting business continuity are essential for sustainable economic health.