Overview
West Devon presents a diverse economic landscape, marked by a robust presence in professional, scientific, technical activities, and a notable retail trade. With a total of 24,909 employees, the region has experienced a 7.25% growth in employment. The area’s economic fabric is enriched by a blend of sectors, from construction to information and communication, each contributing uniquely to the area’s economic dynamics.
Employment and Business Growth
- Total Employees: 24,909. West Devon has seen a significant increase in employment, with a 7.25% growth. This indicates a healthy job market and a positive trend in economic development.
- Employee Growth Rate: 7.25%. This rate is indicative of robust business activity and expanding opportunities in the region.
- Top Sectors with Employment Growth: Not specifically provided, but growth can be inferred from sectors with a high number of companies like professional, scientific and technical activities, and retail trade.
Sector Dynamics
- Top Sectors by Number of Companies: Professional, scientific and technical activities (19.35%), retail trade (12.78%), construction (9.35%), real estate activities (8.35%), and accommodation and food service activities (7.34%).
- Emerging Sectors: Other consumer goods, veterinary services, and clothing. These sectors, despite their small size, indicate diversification in the local economy.
Company Trends
- Number of Companies: 2,480. A robust number suggesting a healthy business ecosystem.
- New Companies in 2 Years: 482. This figure demonstrates dynamic entrepreneurial activity in the region.
- Small and Medium Enterprises (SMEs): 2,071. SMEs form the backbone of West Devon’s economy, indicating a strong presence of local businesses.
- Exporters: 46. This number, though modest, shows global engagement among local businesses.
- Companies with Foreign Parentage: 8. This suggests some level of foreign investment or international business relationships.
Business Continuity
- Company Cessations: 184. This figure is relatively low compared to the number of new companies, indicating a stable business environment.
Gender Representation in Leadership
- Founders: 50% female, 44.44% male, 5.56% unknown. This indicates a commendable balance in gender representation among founders.
- Directors: 33.31% female, 62.71% male, 3.98% unknown. There is a notable gap in gender representation at the director level, with male directors being predominant.
Conclusion
West Devon’s economic landscape is marked by a strong presence in diverse sectors, significant employment growth, and a vibrant entrepreneurial spirit. The area demonstrates a balanced gender representation among founders, although there’s room for improvement at the director level. The data reflects a healthy, dynamic economy with potential for future growth and diversification.