Overview
Ribble Valley, a dynamic economic region, exhibits a diverse business landscape. With 16,952 employed individuals and a notable 7.81% employee growth, the area reflects robust economic health. The council’s focus on nurturing sectors like professional and technical activities, retail trade, and construction has paid dividends, with these sectors leading in company numbers. However, the absence of IPOs suggests a potential area for future development.
Employment and Business Growth
- Total Employees: Ribble Valley boasts 16,952 employees, with a healthy increase of 426 employees. The 7.81% growth rate underlines a thriving job market.
- Sector Dynamics: Dominant sectors include professional, scientific, and technical activities (15.12%), retail trade (15%), and construction (12.31%). These sectors anchor the local economy, driving employment and business diversity.
- Scale-Ups: The presence of 18 scale-up companies indicates a supportive environment for business expansion, essential for long-term economic resilience.
Business Continuity
- Company Cessations: With 4495 company cessations, there’s a need to delve into factors leading to these closures to enhance business sustainability.
- New Companies: A total of 497 new companies in the last two years signals a vibrant entrepreneurial spirit. The existence of 3,431 SMEs further underscores a strong small business sector.
- Exporters and Foreign Influence: With 106 exporters and 31 companies with foreign parentage, Ribble Valley demonstrates a degree of international business integration.
Gender and Age Diversity in Leadership
- Founders and Directors Gender Split: Female founders constitute 29.63%, while male founders account for 70.37%. Female directors make up 30.99%, suggesting a moderate but growing representation of women in leadership roles.
- Age Distribution of Directors: Young directors (under 40) constitute approximately 20% of the total, indicating a blend of youth and experience in governance.
Innovation and Growth Indicators
- Patent Owners and Grantees: The absence of patent owners suggests a potential area for growth in innovation.
- Attendances and Spinouts: Limited data on attendances and spinouts suggests these are not primary drivers of economic activity in the region.
Conclusion
Ribble Valley’s economic landscape is marked by a robust employment market, diverse sector representation, and a healthy rate of new company formation. However, areas like innovation, gender diversity in leadership, and business continuity need further focus to enhance overall economic health.