Overview
Salford’s economic landscape is characterised by a diverse array of sectors, predominantly led by wholesale/retail trade and real estate activities. The city shows a significant number of new companies in the past two years, indicative of a dynamic business environment. Notable is the low percentage of female founders and directors, highlighting potential areas for improved gender diversity in leadership roles.
Employment and Business Growth
- Total Employees: Salford’s total employment stands at 180,981. The city has seen a notable rise in employment, with 819 companies reporting increased employee numbers.
- Employee Growth Percentage: The employee growth percentage is 12.46%, reflecting a robust increase in employment opportunities.
- Sector Dynamics: The leading sectors in terms of company numbers are wholesale/retail trade (3123 companies), real estate (2854), and professional/scientific activities (2721). These sectors form the backbone of Salford’s economy.
- Sector Raisers: Sectors showing notable growth include mobile apps, manufacturing/engineering, healthcare products, technology/IP-based businesses, and educational services, although they represent a smaller portion of the overall business landscape.
Business Continuity
- Company Cessations: The city has experienced a total of 2,501 company cessations, which is significant but should be viewed in the context of the high number of new companies.
- New Companies: There are 7,512 new companies in the last two years, and 3,949 companies are classified as SMEs, indicating a vibrant startup culture.
- Exporters and Foreign Parent Companies: Salford has a modest number of exporters (438) and companies with foreign parentage (697), suggesting potential for international business expansion.
Corporate Leadership and Innovation
- Gender Representation: Female founders and directors are underrepresented, with 13.91% and 24.15% respectively. Male founders and directors dominate at 83.04% and 70.63%.
- Director Age Groups: The majority of directors fall within the 40-60 age range, with younger (<30 years) and older (>60 years) directors being less common.
- Innovation Indicators: The city has 295 patent owners and 14 grantees, indicating a healthy level of innovation, albeit concentrated in certain sectors.
Conclusion
Salford demonstrates a robust and growing economic environment, with significant increases in employment and business startups. The diversity of sectors, from traditional trades to emerging technology areas, reflects a balanced economic base. However, there is room for improvement in gender diversity among business leaders and potential for more international business engagement.