Overview
North Yorkshire presents a diverse economic landscape with significant activities in extraterritorial organisations, professional services, retail trade, and construction. The region’s employment growth is notable, with a substantial number of new companies emerging in recent years. However, there are areas of concern, such as a lack of IPOs and a small number of scaleups, which could indicate challenges in business expansion and investment.
Employment and Business Growth
- Total Employees: North Yorkshire employs 109,017 individuals. The employee count has risen recently, with 699 companies reporting an increase in their workforce. This indicates a robust job market, potentially driven by the region’s key sectors.
- Top Sectors by Company Numbers: The leading sectors are extraterritorial organisations (1,917 companies), professional services (1,701 companies), and retail trade (1,351 companies). This diverse mix suggests a balanced economic base.
- Top Sectors with Increasing Company Numbers: Notable growth is seen in mobile apps and other manufacturing, signaling an inclination towards technology and advanced manufacturing sectors.
- Employee Growth Percentage: There’s an 8.89% growth in employment, showcasing a positive trend in job creation.
- Number of Scaleups: With 262 scaleups, the region shows potential for high-growth companies, although there’s room for improvement.
Business Continuity
- Company Cessations: North Yorkshire witnessed 249 company closures, alongside 112 companies reported as dead, indicating some business challenges, possibly due to market competition or economic shifts.
- Number of New Companies in 2 Years: The region saw the emergence of 3,293 new companies in the last two years, evidencing a dynamic and entrepreneurial business environment.
- SMEs and Exporters: With 8,319 SMEs and 419 exporters, the region’s economy is bolstered by small and medium-sized enterprises, many of which are engaged in international trade.
Gender and Age Diversity in Leadership
- Founders’ Gender: 18.31% of founders are female, and 81.10% are male, indicating a gender gap in entrepreneurship.
- Directors’ Gender: 26.29% female and 70.66% male directors, reflecting a similar trend in corporate leadership.
- Age Distribution of Directors: A significant proportion of directors are above 50 years, with only a small percentage (4.77%) being under 30. This could point to a need for more youth representation in business leadership.
Intellectual and Innovative Activity
- Number of Patent Owners: There are 505 patent owners in North Yorkshire, showing a commendable level of innovation.
- Number of Grantees: 22 grantees indicate some degree of research and development activity, though there’s potential for growth in this area.
Conclusion
North Yorkshire’s economic landscape is characterised by a diverse range of sectors, significant employment growth, and a strong SME presence. However, the region faces challenges in gender diversity among business leaders, limited scaleup activity, and a need for greater innovation and youth involvement in business leadership. These factors are critical to consider for sustained economic health and growth.