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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 Tyneside

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.

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