Overview
South Kesteven’s economic landscape showcases a diverse array of sectors, with a notable strength in professional, scientific, and technical activities. The area has seen a steady growth in employment and business development. The absence of IPOs indicates a focus on organic and local business growth. The gender distribution in company leadership reveals a substantial gap, leaning towards male dominance. The robust number of young companies and young directors suggests a dynamic and evolving business environment.
Employment and Business Growth
- Total Employees: 47,337. South Kesteven has experienced a significant rise in employment with 213 companies reporting an increase in their workforce. This suggests a robust local economy with expanding business activities.
- Employee Growth Percentage: 8.91%. This rate indicates a healthy, growing job market, reflecting positive economic conditions and potentially attractive opportunities for job seekers and businesses alike.
- Number of Scale-ups: 35. The presence of scale-up businesses points to a nurturing environment for business growth and the potential for these companies to contribute significantly to local economic development.
Sector Dynamics
- Top Sectors: The leading sector is ‘Professional, scientific and technical activities’ with 1,360 companies, followed by ‘Wholesale and retail trade / repair of motor vehicles and motorcycles’ with 1,317 companies, and ‘Construction’ with 1,006 companies. These sectors are pivotal to the local economy, highlighting South Kesteven’s strength in technical expertise and trade.
- Sectors with Most Growth: Notable sectors with company increases include ‘Other consumer travel services’, ‘Consumer estate agency services’, and ‘Internet platform’. These emerging sectors may represent areas of future economic opportunity.
Business Continuity
- Company Cessations: The data shows a high number of company cessations (8,785), suggesting a challenging business environment or a natural cycle of business turnover. This could indicate areas where support and intervention might be needed to improve business survival rates.
- New Companies in Last 2 Years: 2,140. This figure indicates a dynamic business environment with a significant number of new entrants, which can lead to increased competition and innovation.
Diversity and Leadership
- Gender Distribution in Founders: 13.24% female founders compared to 86.76% male founders. This disparity highlights a significant gender gap in entrepreneurship within the region.
- Gender Distribution in Directors: 29.21% female directors versus 65.32% male directors. Despite a higher representation than in founders, women still remain underrepresented in leadership positions.
Conclusion
South Kesteven’s economic landscape is marked by a diverse and growing business environment, with strengths in professional services and trade. The high rate of new company formation and employee growth indicates a dynamic and evolving economy. However, challenges in gender diversity in leadership and high company cessations suggest areas for potential improvement and support.