Overview
North Somerset’s economic landscape is characterised by a diverse range of sectors, with a notable presence in professional, scientific and technical activities, construction, and wholesale and retail trade. The region has witnessed a modest growth in employment, marked by a 8.04% increase in employee numbers. There’s a healthy mix of small and medium-sized enterprises (SMEs) and new company formations, indicating a dynamic business environment. However, the absence of IPOs suggests limited capital market activity.
Employment and Business Growth
- Total Employees: North Somerset’s workforce comprises 66,746 employees, with a recent increase in 310 employees. This growth, at 8.04%, indicates a steady expansion in employment opportunities.
- Top Sectors for Employment: The leading sectors are professional, scientific and technical activities (2,111 companies, 14.72%), construction (1,684 companies, 11.74%), and wholesale/retail trade (1,486 companies, 10.36%). This diversity suggests a balanced economic structure with multiple strong industries.
- Scaleups: The presence of 50 scaleups highlights an environment conducive to business growth and development.
Business Continuity
- Company Cessations: North Somerset experienced 1,743 company cessations, indicating a churn in the business landscape. This number needs to be viewed in context with new company formations to gauge overall business health.
- New Companies in Last Two Years: With 3,577 new companies formed in the last two years, there is a positive trend in entrepreneurship and business creation.
- SMEs and Exporters: The region hosts 11,036 SMEs and 256 exporters, underlining the significance of small businesses in the local economy and its engagement in global trade.
- Foreign Parent Companies: The presence of 148 companies with foreign parentage reflects the area’s attractiveness to international investors.
Gender Representation in Leadership
- Founders: The gender breakdown among founders is 21.82% female and 77.27% male, indicating a gender disparity in entrepreneurial activity.
- Directors: In directorial roles, 30.47% are females and 65.47% males, showing a similar gender gap in corporate leadership.
Conclusion
North Somerset’s economic profile is marked by robust sector diversity, steady employment growth, and a dynamic entrepreneurial environment. However, the limited activity in capital markets and a notable gender disparity in leadership roles are areas for potential improvement. The region’s economic health is buoyed by its SMEs and international business ties, making it an important player in the broader economic landscape.