Overview
Tamworth, a local council area, exhibits a diverse economic landscape with significant activities in sectors like construction, retail trade, professional services, and manufacturing. With a total of 23,328 employees, the area has experienced a noteworthy 6.78% employee growth. This report delves into the dynamics of employment, business growth, sector performance, and other economic indicators to provide a comprehensive view of Tamworth’s economic health.
Employment and Business Growth
- Total Employees: 23,328. The council has seen a growth of 6.78% in employment, reflecting a positive trend in job creation.
- Employee Growth Rate: 6.78%. This is a significant indicator of economic vitality and business expansion in the area.
- Top Sectors by Company Numbers: Construction (13.99%), Retail Trade/Repair of Motor Vehicles (13.74%), and Professional Services (12.72%) are the leading sectors, showcasing a balanced economic structure.
- Sectors with Highest Growth: Other Retail, Distribution, and Beauty Services are the top sectors experiencing growth, indicating a shift towards more diverse and service-oriented businesses.
- Number of Scaleups: 36. This suggests a robust environment for business expansion and scalability.
- Number of New Companies (Last 2 Years): 1,033, showing a dynamic entrepreneurial environment.
Business Continuity
- Company Cessations: The data indicates a number of 517 companies ceased operations, which needs attention for economic sustainability.
- Total Companies: 3,924, reflecting a healthy business ecosystem.
- Number of SMEs: 2,866, indicating that small and medium-sized enterprises are a significant part of the local economy.
- Number of Exporters: 163, suggesting a degree of international business engagement.
- Number of Companies with Foreign Parentage: 69, showing foreign investment presence.
- Number of Fundraisings: 105, indicative of a supportive financial environment for businesses.
- Number of Patent Owners: 0, suggesting a potential area for improvement in innovation and intellectual property generation.
Diversity and Leadership
- Percentage of Female Founders: 22.86%. This shows a presence of female entrepreneurship, yet highlights potential for greater gender balance.
- Percentage of Female Directors: 24.52%. Similar to founders, this indicates a moderate level of female representation in leadership roles.
- Age Distribution of Directors: A wide distribution across various age groups, with a notable presence (28.29%) in the 50-60 age bracket, indicating experienced leadership.
Additional Insights
- Number of Young Companies with Young Directors: 173, reflecting a vibrant and youthful business leadership landscape.
- Number of Spinouts: 0, pointing to an area for potential development in fostering innovation and new ventures.
Conclusion
Tamworth presents a balanced and growing economic environment with strengths in construction, retail, and professional services. While the employment growth and diversity in business sectors are positive indicators, areas such as innovation, company cessations, and gender diversity in leadership roles require further attention. The council’s economic landscape is marked by a strong SME presence and experienced leadership, suggesting resilience and potential for future growth.