Overview
North Tyneside presents a diverse and dynamic economic landscape, characterised by a robust mix of sectors, significant employee growth, and a strong presence of SMEs and exporters. The area’s economic health is reflected in its employment figures and the distribution of companies across various sectors.
Employment and Business Growth
- Total Employees: North Tyneside has a total of 126,422 employees. Remarkably, 81 companies reported an increase in their workforce, indicating a positive employment trend.
- Employee Growth Rate: The percentage employee growth stands at 28.22%, which signifies a substantial upward trajectory in job creation.
- Top Sectors with Highest Growth: The sectors that contributed most to employment growth include Professional, Scientific, and Technical activities (15.22% of companies), Construction (13.05%), and Wholesale/Retail Trade (11.69%).
Sector Dynamics
- Top Sectors by Company Numbers: Key sectors in North Tyneside encompass Professional, Scientific, and Technical activities, Construction, and Wholesale/Retail Trade. These sectors not only contribute significantly to employment but also to the economic diversity of the region.
- Emerging Sectors: Notably, sectors like Other Business and Professional Services, Other Manufacturing and Engineering, and Business Banking and Financial Services are emerging as influential players, showcasing the region’s evolving economic landscape.
Business Continuity
- Company Cessations: North Tyneside saw 997 companies cease operations, indicating a certain level of volatility in the business environment.
- Company Formations: There were 1,319 new companies formed in the past two years, demonstrating a healthy level of entrepreneurial activity and business dynamism.
- Scale-ups: The region has 49 scale-up companies, which are critical for driving economic growth and innovation.
Diversity and Innovation
- Gender Representation in Leadership: Female representation among founders and directors stands at 18.09% and 26.33%, respectively. This shows room for improvement in gender diversity in leadership roles.
- Patent Owners and Fundraisings: With 278 patent owners and 7 fundraisings, North Tyneside exhibits a notable level of innovation and investment activities.
Conclusion
North Tyneside’s economic environment is marked by a healthy mix of traditional and emerging sectors, robust employment growth, and a vibrant SME and startup scene. Despite challenges in business continuity and gender diversity in leadership roles, the region shows promising signs of economic health and innovation potential.