Overview
Nottingham exhibits a diverse economic landscape with significant activity in sectors such as wholesale and retail trade, professional services, real estate, and construction. The city’s economic indicators reflect a dynamic business environment, including a considerable number of new companies, a robust number of SMEs and exporters, and a notable presence of companies with foreign parentage. The gender diversity in founder and director roles, however, suggests room for improvement.
Employment and Business Growth
- Total Employees: Nottingham has a strong workforce with 176,726 employees. The city has witnessed an 11.75% growth in employment, indicating a thriving job market and economic expansion.
- Companies Showing Employee Growth: There are 1,527 companies that have shown employee growth, reflecting a positive trend in business expansion and stability in the region.
- Top Sectors by Company Numbers: The leading sectors include Wholesale/Retail Trade (15.19%), Professional/Technical Activities (13.23%), Real Estate (10.86%), Construction (9.59%), and Administrative Support (8.99%). This diverse sector distribution suggests a well-rounded economic base.
- Sectors with Rising Company Numbers: Notable sectors with increasing company numbers are Analytics/Insight Tools, Software-as-a-Service (SaaS), CleanTech, Manufacturing/Engineering, and Internet Platforms. These sectors represent the city’s innovative and technological advancement.
Business Continuity
- Company Cessations: Nottingham has experienced 2,561 company cessations, indicating a certain level of business turnover, which is normal in a dynamic economy.
- Number of New Companies in Last 2 Years: 3,621 new companies have been established in the last two years, demonstrating an active entrepreneurial environment.
- Total Number of Companies: The city hosts 22,248 companies, showing a healthy business ecosystem.
- SMEs and Exporters: There are 15,072 SMEs and 430 exporters, indicating a strong presence of small and medium-sized enterprises and a considerable contribution to international trade.
- Companies with Foreign Parentage: 566 companies with foreign parentage highlight Nottingham’s global business connections.
Diversity and Innovation
- Gender Diversity Among Founders and Directors: Founders are 8.86% female and 90.41% male, while directors are 24.58% female and 69.94% male. This data points to a gender imbalance, suggesting potential areas for policy focus and support.
- Age Distribution of Directors: Directors are distributed across various age groups, with the largest segments being 40-50 (26.11%) and 50-60 years old (26.35%).
- Innovation Indicators: The city has 970 patent owners, showcasing its strength in innovation. However, no new IPOs were reported, and there were no university spinouts, indicating potential areas for growth in these aspects of economic development.
Conclusion
Nottingham’s economic landscape is characterised by a strong and diverse business environment with growth in various sectors. Employment is rising, and new companies are emerging, particularly in innovative sectors. However, there are opportunities for improvement in gender diversity and fostering more high-tech and research-driven businesses.