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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 Yorkshire

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.

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