Overview
Rossendale’s economic landscape is characterised by a diverse range of sectors, with a significant presence in transportation, storage, and administrative support services. The total employment in the region stands at 19,387, indicating a robust workforce. Notably, there has been a 1.75% growth in employment, reflecting positive economic dynamics. The region has not experienced any initial public offerings (IPOs), but it shows promise with 19 scaleups and a healthy number of new companies emerging over the past two years.
Employment and Business Growth
- Total Employees: 19,387. Rossendale has witnessed a moderate growth in employment, with a 1.75% increase. This growth indicates an expanding economic base, likely driven by the top sectors in the region.
- Employee Growth: 1.745% growth. This growth, although modest, suggests a stable job market, potentially leading to increased economic activity and consumer spending.
Sector Dynamics
- Top Sectors by Company Count: Transportation and storage (634 companies), administrative and support service activities (591 companies), wholesale and retail trade (548 companies), and construction (439 companies). These sectors are pivotal to Rossendale’s economy, contributing significantly to employment and business activities.
- Top Growing Sectors: Notable growth is seen in niche sectors like Internet platforms, B2B websites, social networks, and mobile apps. Although the number of companies in these sectors is currently small, they represent emerging trends and potential areas for future growth.
Business Continuity
- Company Cessations: 804. This number, while significant, must be contextualised within the total number of companies and the emergence of new businesses. The closure rate could indicate market consolidation or sectoral shifts.
- New Companies in 2 Years: 960. The emergence of new companies at this rate is a positive sign, signaling a dynamic and evolving business landscape.
- Scaleups: 19. The presence of scaleups indicates a supportive environment for business growth, which is crucial for long-term economic sustainability.
Diversity in Leadership
- Founders Gender: 23.08% female founders, 76.92% male founders. This distribution highlights a gender gap in entrepreneurship that may need addressing for greater inclusivity.
- Directors Gender: 33.8% female directors, 63.85% male directors. The higher percentage of female directors compared to founders suggests progress in gender diversity in leadership roles, yet it also shows room for improvement.
Conclusion
Rossendale’s economic environment is marked by steady employment growth and a diverse sectoral composition, with strong representation in traditional industries and emerging growth in new technology sectors. The number of new companies and scaleups indicates a fertile ground for business development. However, the gender disparity in entrepreneurship and leadership positions highlights a need for more inclusive policies. The region’s economic health appears resilient, but continuous monitoring and support for emerging sectors and diversity initiatives will be key to sustained growth.