Overview
West Northamptonshire’s economic landscape exhibits a dynamic mix of sectors, with a particular emphasis on professional, scientific, technical activities, and construction. The region has a total of 245,101 employees, with a notable increase in employment in certain sectors. The area shows a healthy mix of established companies and new ventures, indicative of a robust and evolving business environment.
Employment and Business Growth
- Total Employees: 245,101. West Northamptonshire has seen a significant number of companies increasing their workforce, with 563 businesses reporting employee growth. This reflects a positive trend in job creation.
- Employee Growth Percentage: 9.82%. This indicates a healthy growth rate in employment, suggesting a strong business climate conducive to job creation.
- Number of Scaleups: 148. The presence of scaleup companies, which are high-growth firms, is a key indicator of a dynamic business environment fostering innovation and expansion.
Sector Dynamics
- Top Sectors: The leading sectors are diverse, with ‘Professional, scientific and technical activities’ (15.26% of companies), ‘Construction’ (12.52%), and ‘Wholesale and retail trade / repair of motor vehicles and motorcycles’ (12.45%) being the most prominent. This diversity suggests a balanced economic structure.
- Sector Growth: Notably, sectors like Internet platforms and Software-as-a-Service (SaaS) are among the top sectors experiencing growth, indicating a shift towards technology-oriented businesses.
Business Continuity
- Company Cessations: 3431 companies have ceased operations. While this number is significant, it needs to be viewed in the context of the total number of companies and the rate of new company formations.
- New Companies (Last 2 Years): 8463. This number represents a strong influx of new businesses, demonstrating vibrancy and entrepreneurial spirit in the region.
- SMEs: 22,895. Small and medium-sized enterprises (SMEs) form the backbone of the local economy, contributing significantly to employment and economic diversity.
Gender Representation
- Founders Gender: 20.19% female founders, 78.37% male founders. This shows a gender gap in entrepreneurial activities.
- Directors Gender: 27.44% female directors, 67.93% male directors. There’s a noticeable, but slightly lesser gender disparity in leadership roles within companies.
Other Key Indicators
- Exporters: 876. This number highlights the international business engagement of the region.
- Companies with Foreign Parentage: 729, indicating a significant level of foreign investment or influence.
- Number of Patent Owners: 681. This reflects the region’s focus on innovation and intellectual property.
Conclusion
West Northamptonshire presents a thriving economic landscape characterised by a diverse sector presence, significant new business formation, and a growing workforce. The region’s shift towards technology-oriented businesses, alongside its traditional strengths, points to a dynamic and forward-looking economy. However, the gender disparity in entrepreneurship and leadership roles is an area that warrants attention for more balanced growth.