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

Analysis Report: Economic and Business Activity in North Hertfordshire

Overview

North Hertfordshire exhibits a diverse economic landscape, highlighted by significant activity in professional, scientific, technical, wholesale, retail, construction, and real estate sectors. The presence of various sector dynamics, including emerging areas like internet platforms and analytics, indicates a robust and evolving business environment. The region has experienced a healthy 7.22% growth in employment, showcasing its ability to attract and retain talent. However, the absence of IPOs suggests a need for further development in business maturity and investment attractiveness.

Employment and Business Growth

  • Total Employees: North Hertfordshire boasts 60,666 employees, with a notable 7.22% growth rate. This growth is indicative of a thriving job market and possibly an influx of new businesses or expansion of existing ones. The area’s ability to maintain and grow its workforce is a positive sign of economic health.
  • Top Sectors by Employment Growth: Sectors such as professional, scientific, technical activities, and wholesale/retail trade are dominant, reflecting a balanced mix of knowledge-based and service-oriented industries. This diversity is crucial for economic resilience.

Sector Dynamics

  • Top Sectors by Company Count: The leading sectors include professional, scientific, and technical activities (1,840 companies), followed by wholesale and retail trade (1,169 companies), and construction (1,163 companies). This distribution underscores a strong service and construction sector.
  • Emerging Sectors: Emerging sectors like internet platforms and analytics indicate a budding interest in technology and data-driven businesses, although their current impact is relatively small.

Business Continuity

  • Company Cessations: Data not provided. This metric would typically reflect the business closure rate, an important indicator of economic health and business environment stability.

Innovation and Investment

  • Number of IPOs: Zero IPOs suggest a nascent stage in the evolution of businesses towards public markets.
  • Number of Fundraisings: There were 5 fundraising events, indicating some level of investment activity, albeit limited.
  • Number of Patent Owners: With 189 patent owners, there is evidence of innovation, particularly in sectors with high intellectual property generation.

Entrepreneurship and Leadership

  • Founders’ Gender: 17.44% female founders and 82.56% male founders. This shows a gender gap in entrepreneurship, highlighting a potential area for increased support and encouragement towards female entrepreneurship.
  • Directors’ Gender: 27.14% female directors, 68.56% male directors. Similar to founders, a gender disparity exists at the leadership level, indicating room for improvement in gender diversity in business leadership.

Conclusion

North Hertfordshire presents a dynamic and growing economic environment, with strengths in diverse sectors and an increasing workforce. However, areas such as gender diversity in entrepreneurship, business maturity, and investment attraction need attention. The region’s evolving tech and data-driven sectors offer promising future growth opportunities.

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