Overview
Shropshire’s economic landscape is defined by a diverse range of sectors, with a notable presence in professional, scientific, technical activities, and wholesale and retail trade. The region has experienced a considerable rise in employment, with a 7.87% increase and a notable number of companies across various industries. Despite no recent IPOs, the region shows robust business activities with a significant number of SMEs, exporters, and companies with foreign parentage.
Employment and Business Growth
- Total Employees: Shropshire employs 98,230 individuals. The region has seen a positive trend in employment, with 231 companies reporting an increase in their workforce.
- Percentage Employee Growth: The region has witnessed a 7.87% growth in employment, indicating healthy economic activity and job creation.
- Scale-ups: The presence of 104 scale-up companies reflects a dynamic business environment conducive to growth and expansion.
Sector Dynamics
- Top Sectors: The leading sectors are Professional, Scientific and Technical Activities (15.38%), Wholesale/Retail Trade and Repair of Motor Vehicles (12.57%), and Construction (11.48%). These sectors form the backbone of Shropshire’s economy.
- Top Sectors with Rising Number of Companies: Sectors such as Mobile Apps, Food and Drink Processors, Airlines, and Business Banking are showing notable growth.
Business Continuity
- Company Cessations: There have been 1,395 company cessations in the past, indicating some challenges in sustaining businesses in certain sectors.
- New Companies in Last 2 Years: 3,496 new companies have emerged in the last two years, highlighting a vibrant and entrepreneurial business climate.
Diversity and Inclusion
- Gender Diversity in Founders and Directors: The data shows 19.23% female founders and 28.28% female directors, indicating a need for greater gender balance in leadership roles.
- Age Distribution of Directors: Directors are spread across various age groups, with a significant number over 50 years (29.60% between 50-60, 33.10% over 60), suggesting experienced leadership in the business community.
Other Key Indicators
- Number of SMEs and Exporters: Shropshire has 14,700 SMEs and 521 exporters, highlighting its role in both local and international markets.
- Foreign Parent Companies and Fundraisings: The presence of 235 foreign parent companies and 11 fundraisings shows the region’s integration into the global economy and its ability to attract investment.
- Patent Owners and Grantees: With 408 patent owners, Shropshire demonstrates a strong focus on innovation and intellectual property.
Conclusion
Shropshire’s economy is characterised by a diverse and growing business sector, significant employment growth, and a strong presence in key industries. Challenges remain in company sustainability and gender diversity in leadership roles. Overall, the region shows a robust economic health with promising areas for future growth and development.