Overview
Torbay presents a diverse economic landscape characterised by a strong presence in construction, retail trade, and professional services. With a total of 30,530 employees, the region has witnessed significant growth in certain sectors, notably healthcare and technology. However, the lack of IPOs suggests limited public market activities for local businesses. The SMEs and startups show a dynamic environment, albeit with a gender imbalance in leadership roles.
Employment and Business Growth
- Total Employees: 30,530. Torbay’s employment scenario is robust, with a 9.42% growth, indicating a healthy job market and business expansion.
- Employee Growth Rate: 9.42%. This rate signifies a thriving economic environment, attracting and sustaining talent.
- Top Sectors by Company Numbers: Construction (967 companies), Retail Trade (819), and Professional Services (768) dominate, reflecting a balanced economic base with potential for further diversification.
Sector Dynamics
- Top Sectors by Growth: Healthcare products, Technology/IP-based businesses, Educational services, Waste management, and Wholesale are emerging sectors, though their absolute numbers are currently low.
Business Continuity
- Company Cessations: There were 9158 company cessations, juxtaposed with 628 new companies in the past two years. This high cessation rate could indicate market saturation or competitive pressures in certain sectors.
- New Companies (Last 2 Years): 628. This reflects a moderately active entrepreneurial environment, despite the high number of cessations.
Governance and Leadership
- Gender Representation in Founders: 16.98% female, 83.02% male. This shows a significant gender gap in business founding roles.
- Gender Representation in Directors: 30.95% female, 65.54% male, indicating similar trends in leadership roles.
- Young Companies with Young Directors: A small percentage of companies have young directors, suggesting a mix of experienced and new leadership in the business landscape.
Innovation and Growth Potential
- Number of Scaleups: 16. This indicates a modest but important segment of businesses poised for rapid growth.
- Patent Owners and Grantees: The presence of patent owners (8) and grantees (3) highlights pockets of innovation, crucial for long-term economic vitality.
Conclusion
Torbay’s economy is anchored in traditional sectors like construction and retail, with emerging growth in technology and healthcare. The employment growth rate is promising, but the high company cessation rate and low IPO activity suggest challenges in business sustainability and capital markets engagement. The gender disparity in leadership roles points to an area for improvement. Overall, Torbay exhibits a dynamic economic fabric with potential for further diversification and innovation-driven growth.