Overview
The economic landscape of North Norfolk is characterised by a diverse range of sectors, with a notable presence in Construction, Wholesale and Retail Trade, Professional Services, and Real Estate. The area hosts a total of 21,633 employees, with a healthy employee growth rate of 8.1%. Notably, there are 3532 SMEs, indicating a strong small business presence. The gender diversity in founding and director roles shows room for improvement, particularly in founder roles.
Employment and Business Growth
- Total Employees: 21,633. The employee base in North Norfolk has experienced a growth rate of 8.1%, indicating a positive trend in employment opportunities.
- Employee Growth: 22 companies are identified as employee raisers, signaling an active business environment with companies expanding their workforce.
- Scale-Ups: 23 scale-ups indicate a dynamic business environment with a substantial number of companies experiencing rapid growth.
- New Companies in 2 Years: There have been 796 new companies in the past two years, demonstrating a vibrant entrepreneurial spirit in the region.
Sector Dynamics
- Top Sectors by Number of Companies: Construction (567 companies), Wholesale/Retail Trade (563), Professional Services (561), Real Estate (404), and Administrative Services (381) dominate the local economy.
- Top Sectors with Rising Companies: Sectors like Aerospace, Educational Services, IT Consultancy, and Mobile Apps are emerging, though they currently have a small presence.
Business Continuity
- Company Cessations: A significant number of companies (3,831) have ceased operations, which could be indicative of market challenges or sectoral shifts.
- Company Deaths: The region witnessed 309 company deaths, further highlighting potential challenges in the business environment.
Innovation and Investment
- Patent Owners: With 5 patent owners, there’s evidence of innovation, albeit limited.
- Fundraisings: The area has seen 48 fundraisings, suggesting a degree of investment activity and investor confidence.
Diversity and Inclusion
- Gender Diversity in Founders: Female founders represent only 18.18%, while male founders dominate at 81.82%.
- Gender Diversity in Directors: A slightly better balance is seen in director roles, with 30.11% female and 66.76% male directors.
Conclusion
North Norfolk’s economy is diverse, with strong sectors in construction, retail, and professional services. The region shows a healthy growth in employment and new businesses, indicating a robust entrepreneurial environment. However, challenges in business continuity, as seen in the number of company cessations, and limited innovation indicators, suggest areas for development. The gender disparity in leadership roles also points to opportunities for increased diversity.