Overview
Teignbridge’s economic landscape is characterised by a diverse mix of sectors, with a notable emphasis on professional, scientific, and technical activities, construction, and retail trade. The total number of employees in the region stands at 36,799, with a 5.69% growth in employment, indicating a positive trend in job creation. The area shows a healthy mix of small and medium-sized enterprises (SMEs), with a total of 6,142 SMEs contributing significantly to the local economy. There is also a noteworthy presence of companies with foreign parentage and a growing number of patent owners and grantees, suggesting an environment conducive to innovation and international business.
Employment and Business Growth
- Total Employees: 36,799. The region has experienced a 5.69% growth in employment, indicating robust job creation.
- Sectors with Most Employees: Professional, scientific and technical activities (14.26%), Construction (14.01%), and Retail Trade (11.34%). These sectors are pivotal to the region’s economic stability and growth.
- Number of Scale-ups: 54. This signifies a dynamic business environment where companies are scaling and contributing to economic development.
Sector Dynamics
- Top Sectors: The leading sectors in Teignbridge are diverse, with professional services and construction leading. This diversity is a strength, as it indicates a balanced economy not overly reliant on a single sector.
- Top Sectors Showing Growth: Sectors such as Other Retail and Electrical Components are among those showing growth. This suggests evolving market opportunities in these areas.
Company Trends
- Number of Companies: 7,671. This number reflects the region’s strong entrepreneurial spirit.
- New Companies in Last 2 Years: 1,537. This highlights the region’s attractiveness for new business ventures.
- SMEs and Exporters: There are 6,142 SMEs and 171 exporters, indicating a vibrant small business sector with international reach.
Business Continuity
- Company Cessations: 647. While this figure represents businesses that have ceased operations, it is a natural part of a dynamic economic environment.
Gender Representation in Leadership
- Founders: 14.93% female, 80.60% male. This shows a gender gap in entrepreneurship that needs addressing.
- Directors: 30.05% female, 65.44% male. Although better than the founders’ statistics, there’s still room for improvement in gender diversity at the directorial level.
Conclusion
Teignbridge presents a dynamic economic environment with diverse sector representation, significant SME presence, and a healthy rate of new company formations. However, there are areas for improvement, such as increasing female participation in founding and leadership roles and fostering growth in sectors showing potential.