Overview
North East Lincolnshire exhibits a diverse economic landscape. The region has a total of 48,667 employees, with significant activities in sectors like construction, retail trade, and professional services. Notably, there is a focus on other manufacturing and engineering sectors as top raisers. Despite having no IPOs, the region shows a healthy 7.13% employee growth and a robust presence of small and medium-sized enterprises (SMEs).
Employment and Business Growth
- Total Employees: 48,667. The region has shown a commendable growth in employment, with a 7.13% increase in employee numbers indicating a positive economic trajectory.
- Top Sectors by Company Count: Construction (1,405 companies), Retail Trade (1,393 companies), and Professional Services (1,026 companies) dominate the business landscape, highlighting a well-rounded industrial mix.
- Top Sectors with Increase in Company Numbers: Other manufacturing and engineering sectors are prominent among growing industries, suggesting a tilt towards specialised manufacturing.
Business Continuity
- Company Cessations: The region has a significant number of company cessations, totaling 1,077. This figure underscores the challenges faced by businesses, possibly due to competitive markets or economic shifts.
- New Companies in Last Two Years: 2,320 new companies have been established in the last two years, reflecting a dynamic and entrepreneurial business environment.
- Total Number of Companies: There are 8,982 companies, indicating a robust and diverse business ecosystem.
Conclusion
North East Lincolnshire’s economic health is marked by a strong mix of established sectors like construction and retail, coupled with emerging strengths in specialised manufacturing. The substantial growth in employment and the influx of new companies signify a vibrant economic landscape. However, the high number of company cessations also points to the need for strategies to improve business resilience and continuity.