Overview
Test Valley showcases a diverse economic profile with significant activity across various sectors. With a total of 55,457 employees and a 7.63% employment growth rate, the area is experiencing positive dynamics in its workforce. The distribution of companies across different industries reveals a strong presence in professional, scientific, technical, and construction activities. Notably, the region’s business landscape is heavily influenced by small and medium-sized enterprises (SMEs), with a total of 6,794 SMEs contributing to the local economy. The data also indicates a healthy entrepreneurial environment, reflected in the number of new companies (933 in 2 years) and the presence of young companies with young directors.
Employment and Business Growth
- Total Employees: 55,457 employees, indicating a robust workforce. The employment growth rate of 7.63% points towards a thriving job market.
- Sectors with Employment Growth: The top sectors showing growth are Software-as-a-Service (SaaS), machinery, electrical components, healthcare products, and distribution.
Sector Dynamics
- Top Sectors: Dominant sectors include professional, scientific, and technical activities (17.48%), construction (11.09%), and wholesale/retail trade (11.04%).
- New Sectors Rising: Sectors like SaaS, machinery, and healthcare products are emerging, suggesting a shift towards technology and innovation.
Company Trends
- Total Companies: 8,757 companies reflect a diverse and active business environment.
- New Companies: 933 new companies in the last two years, indicating a dynamic and growing entrepreneurial landscape.
- Scale-ups: 54 scale-ups suggest an environment conducive to business growth and development.
Business Continuity
- Company Cessations: 862 companies ceased operations, highlighting challenges in sustaining business in certain sectors.
- SMEs and Exporters: 6,794 SMEs and 334 exporters underline the importance of small and medium enterprises in the economy.
Gender Representation
- Founders: 13.04% female founders, suggesting a need for greater gender diversity in entrepreneurship.
- Directors: 27.93% female directors, indicating a moderate level of gender diversity in leadership positions.
Conclusion
Test Valley’s economic landscape is characterised by a strong and growing workforce, a diverse range of active sectors, and a significant number of SMEs. While there is positive growth in employment and new companies, challenges remain in company sustainability and gender diversity in leadership roles.