West Lothian’s economic landscape is diverse and dynamic, with notable strengths in sectors like wholesale and retail trade, professional services, and construction. The region boasts a substantial workforce of 43,046 employees, showing resilience and adaptability in various sectors. The presence of innovative sectors, such as medical instrumentation and analytics, alongside traditional industries, indicates a balanced economic development.
Employment and Business Growth
- Total Employees: West Lothian has a total workforce of 43,046 employees. This number is significant for the region, indicating a robust employment market. The growth in employment, with 246 companies reporting an increase in employees, suggests a positive trend in job creation.
- Employee Growth Rate: The 10.45% employee growth rate is a healthy indicator of economic vitality and business expansion in the region. This growth is likely driven by both the expansion of existing companies and the entry of new businesses.
- Top Sectors with Employee Growth: Sectors like ‘Other manufacturing and engineering,’ and ‘Medical instrumentation’ are among the top raisers, indicating a shift towards more specialised and high-value industries.
- Dominant Sectors: The dominant sectors are wholesale and retail trade, professional services, and construction, indicating a diverse economic base. These sectors play a crucial role in the region’s economic stability and growth.
- Emerging Sectors: Sectors such as medical instrumentation and analytics highlight West Lothian’s potential in developing advanced, technology-driven industries. This diversification is crucial for long-term economic resilience.
- Company Cessations: The report does not explicitly mention company cessations, which is a critical factor in assessing business continuity and economic health. A low cessation rate would indicate a stable business environment, while a high rate could signify challenges in the business climate.
- Founders’ Gender Representation: The gender distribution among founders shows 24.29% female and 75.71% male, suggesting a gender gap in entrepreneurship. This disparity highlights the need for initiatives to support and encourage female entrepreneurship.
- Directors’ Gender Representation: In directorship roles, 27.12% are female and 69.75% male, with a similar gender gap as seen in founders. This indicates an area for improvement in gender diversity at the leadership level.
West Lothian’s economy is marked by a robust and diverse employment sector, with promising growth in high-value industries. The presence of traditional and emerging sectors signifies a balanced economic environment. However, the gender gap in entrepreneurship and leadership roles calls for targeted efforts to enhance diversity. Overall, the economic health of West Lothian appears strong, with opportunities for further growth and diversification.