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The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.

Analysis Report: Economic and Business Activity in South Tyneside

Overview

South Tyneside’s economic landscape is shaped by a diverse mix of sectors, with notable strengths in construction, professional, scientific and technical activities, and wholesale and retail trade. The region has a total employment base of 26,650 individuals, witnessing a significant 7.59% growth. The presence of scaleups and a healthy influx of new companies highlight an entrepreneurial spirit, although the absence of IPOs suggests a focus on private and smaller scale businesses. Gender diversity in leadership positions is moderately balanced, with a notable presence of female founders and directors.

Employment and Business Growth

  • Total Employees: South Tyneside employs 26,650 individuals. The 7.59% employee growth indicates a robust job market, potentially driven by the emergence of 22 scaleup companies and a healthy influx of 827 new businesses over the last two years.
  • Top Sectors by Company Numbers: The leading sectors are Construction (785 companies), Professional/Technical Activities (745), and Retail Trade (640). These sectors form the backbone of the local economy, offering a range of employment opportunities.
  • Top Sectors with Rising Company Numbers: Notable growth is observed in Sporting Events and Clothing sectors, each adding a company. This could indicate niche market opportunities or emerging trends in these areas.
  • Company Cessations: There are 670 companies that ceased operations, suggesting a competitive market where not all ventures thrive.

Business Continuity

  • New Companies: In the last two years, 827 new companies have been established, showing vibrant entrepreneurial activity and business confidence in the region.
  • SMEs and Exporters: With 3,801 SMEs and 115 exporters, the region demonstrates a strong base of small and medium enterprises contributing to both local and international markets.
  • Companies with Foreign Parentage: The presence of 52 companies with foreign parentage signifies international investment and global connections.

Leadership and Innovation

  • Gender Diversity in Founders and Directors: Founders are 16.22% female and 78.38% male, indicating a gender gap in entrepreneurship. Directors are more balanced, with 25.04% females and 72.52% males.
  • Young Companies with Young Directors: The presence of 255 young companies with young directors signifies a youthful and dynamic entrepreneurial ecosystem.
  • Innovation Indicators: South Tyneside shows modest innovation activity, with 19 patent owners and 2 grantees, but no recorded IPOs or spinouts.

Conclusion

South Tyneside’s economic landscape is characterised by a robust employment market, diverse sectoral strengths, and a dynamic entrepreneurial environment. The region shows healthy business growth, with new companies emerging in various sectors. Leadership diversity is progressing, with a notable female presence. The innovation ecosystem, though modest, indicates potential for future growth.

The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.