Overview
Mid Suffolk showcases a dynamic economic landscape, characterised by a diverse range of sectors. The region’s total employment stands at 33,969, with a notable 48 companies reporting growth in employment. The diversity in the business sector is reflected in the dominance of professional, scientific, and technical activities, along with significant contributions from construction, wholesale and retail trade, and other sectors.
Employment and Business Growth
- Total Employees: 33,969. Mid Suffolk demonstrates a robust employment scenario with a healthy mix of industries.
- Employment Growth: The region has experienced a 15.42% growth in employment, indicating an expanding workforce and possibly an attractive environment for job seekers and businesses.
- Top Sectors: Leading sectors include professional, scientific, and technical activities (1,093 companies), construction (911 companies), and wholesale/retail trade (686 companies).
- Top Sectors with Employment Growth: Key sectors showing employment growth include food and drink processors, technology/IP-based businesses, waste management services, analytics, and internet platforms.
- Number of Scaleups: 43, suggesting a supportive environment for business expansion.
Business Continuity
- Number of Companies: 6,107, reflecting a vibrant business ecosystem.
- New Companies in Last 2 Years: 1,171, indicating an active and growing entrepreneurial environment.
- Total SMEs: 4,880, highlighting the significance of small and medium enterprises in the local economy.
- Company Cessations: 418, a figure that needs to be evaluated in the context of new company formations and overall economic conditions.
Innovation and Diversity
- Patent Owners: 82, suggesting a moderate level of innovation.
- Grantees: 4, indicating some level of investment in new projects or research.
- Percentage of Female Founders: 14%, a figure that could be improved for better gender balance.
- Percentage of Female Directors: 29.07%, reflecting moderate gender diversity in leadership roles.
Conclusion
Mid Suffolk’s economic landscape is diverse and growing, with significant activity in various sectors like professional services, construction, and trade. The region shows healthy signs of employment growth, business scaleups, and new company formations. While innovation indicators like patent ownership are modest, there is room for improvement in areas like gender diversity in business leadership. Overall, Mid Suffolk presents a dynamic and evolving business environment.