Overview
Torridge, a local council area, displays a diverse economic landscape with strengths in several sectors like Construction, Professional activities, and Retail trade. With 14,849 employees in the region, the area has seen a notable 6.44% employee growth rate, indicating a dynamic job market. The presence of 19 scale-ups and a substantial number of new companies (344 in 2 years) reflects a vibrant entrepreneurial spirit. However, the absence of IPOs and a limited number of fundraisings (12) suggest room for improvement in capital markets and investment opportunities. Gender diversity in leadership roles shows a progressive trend, albeit with a scope for enhancement, especially in the founders’ demographic.
Employment and Business Growth
- Total Employees: 14,849. The employee growth rate of 6.44% is a positive indicator of the area’s economic vitality and potential for job creation.
- Top Sectors with Employee Growth: Not specified in the data.
- Number of Scaleups: 19, signifying a healthy environment for business expansion and growth.
- New Companies in Last 2 Years: 344, indicating a robust influx of new businesses and entrepreneurial activity.
Sector Dynamics
- Top Sectors by Company Numbers: Construction (395 companies), Professional activities (375 companies), and Retail trade (355 companies) are the leading sectors, showcasing the region’s economic diversity.
- Top Sectors with Rising Company Numbers: Data not provided.
Business Continuity
- Company Cessations: 265 companies ceased operations, underscoring challenges in business sustainability.
Directors and Founders
- Founders’ Gender: 18.75% female, 75% male, 6.25% unknown. This distribution highlights a gender gap in entrepreneurial initiatives.
- Directors’ Gender: 32.35% female, 64.68% male, 2.98% unknown. While better than the founders’ gender balance, it still indicates a male dominance in leadership roles.
- Age Distribution of Directors: The majority (34.41%) of directors are over 60, with significant representation in the 50-60 age bracket (27.17%). This suggests experienced leadership but may also point to a need for younger perspectives in boardrooms.
Conclusion
Torridge’s economic landscape is characterised by a strong presence in construction, professional services, and retail, coupled with a growing workforce. The region shows signs of a thriving entrepreneurial ecosystem, as evidenced by the number of new companies and scale-ups. However, challenges in business continuity and the need for more gender-balanced leadership are areas that require attention. Overall, Torridge exhibits a dynamic economy with opportunities for further growth and diversification.