Overview
Norwich, a vibrant city, demonstrates a dynamic economic landscape. With 90,498 employees across various sectors, it exhibits a healthy business environment. The city’s most prominent sectors include professional, scientific, technical activities, and retail trade, indicating a diverse economic base. Notably, emerging sectors like Internet platforms and mobile apps are on the rise. The balance in gender representation among founders and directors showcases progressive trends in business leadership.
Employment and Business Growth
- Total Employees: 90,498. This figure represents a robust workforce, with an impressive 9.57% employee growth, reflecting the city’s expanding economic activity.
- Employee Growth Rate: 9.57%. This significant growth indicates a thriving job market, likely fueled by new businesses and the expansion of existing ones.
- Number of Employees in Raising Sectors: 114. This suggests that a portion of the workforce is engaged in sectors experiencing growth, potentially indicating emerging markets or innovation within these industries.
Sector Dynamics
- Top Sectors: The leading sectors by company count are professional, scientific, technical activities (1,840 companies), retail trade (1,561), and construction (1,352). These sectors form the backbone of Norwich’s economy, showing a blend of service-oriented and traditional industries.
- Rising Sectors: Notable growing sectors include Internet platforms and mobile apps, highlighting Norwich’s adaptation to digital transformation and the tech-driven economy.
Business Continuity
- Company Cessations: 1,246 companies ceased operations, which is a natural part of the business lifecycle, affected by various factors like market changes, competition, or financial challenges.
- New Companies (2 Years): 2,845. This number indicates a healthy rate of new business creation, suggesting an entrepreneurial spirit and a conducive environment for startups.
- Scaleups: 74. These are businesses showing substantial growth, indicative of a supportive ecosystem for business expansion.
Gender Diversity in Leadership
- Founders: 16.77% female, 81.94% male. This shows a gender gap in entrepreneurship, pointing to potential areas for improvement in supporting female founders.
- Directors: 25.98% female, 69.16% male. Similar to founders, there’s a gender disparity, although female representation is slightly better among directors.
Additional Insights
- SMEs and Exporters: The city hosts 9,656 SMEs and 224 exporters, underscoring a strong small and medium-sized enterprise sector with international reach.
- Foreign Parent Companies: 239. This indicates Norwich’s appeal to international investors or businesses.
- Fundraisings and Patents: The presence of 20 fundraisings and 223 patent owners reflects a culture of innovation and investment in the city.
Conclusion
Norwich’s economic landscape is marked by a diverse and growing workforce, a mix of established and emerging sectors, and a noticeable trend towards technological adaptation. While showing promising growth and innovation, there are opportunities to enhance gender diversity in entrepreneurial and leadership roles. The city’s economic health is bolstered by its SMEs, exporters, and innovative activities, positioning it well for future growth and development.