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The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.

Analysis Report: Economic and Business Activity in Westmorland and Furness

Overview

Westmorland and Furness presents a dynamic and diverse economic landscape. With a total of 29,013 employees, the region shows promising signs in several sectors, particularly in professional, scientific, and technical activities. The absence of IPOs indicates a focus on steady organic growth rather than rapid expansion via public markets.

Employment and Business Growth

  • Total Employees: 29,013. The region has experienced a growth rate of 12.14% in employment, indicating robust economic activity and opportunities for job creation.
  • Employment Growth Drivers: Notable sectors contributing to this growth include professional, scientific, and technical activities, construction, and wholesale/retail trade. This diversity suggests a balanced economic base with multiple growth avenues.

Sector Dynamics

  • Top Sectors by Company Count: The leading sectors are professional, scientific, and technical activities (512 companies), construction (476 companies), and wholesale/retail trade (447 companies). These sectors form the backbone of the local economy.
  • Rising Sectors: Sectors like other leisure and entertainment outlets, analytics, and business banking are emerging, though they currently represent a smaller portion of the economy.

Business Continuity

  • Company Cessations: A total of 90 companies ceased operations, which, compared to the new companies (588 in the last 2 years), indicates a healthy churn in the business environment.

Company and Startup Dynamics

  • Total Companies: 3,440, with 295 new companies established recently, reflecting a vibrant entrepreneurial climate.
  • Small and Medium Enterprises (SMEs): 2,783, forming the majority of the business landscape and driving local economic activity.
  • Exporters and Foreign Parent Companies: 109 exporters and 32 companies with foreign parentage show a degree of international integration.

Innovation and Growth

  • Scale-ups: 69 businesses are scaling up, indicating a potential for significant future growth.
  • Fundraisings and Patents: 6 fundraisings and 128 patent owners highlight an environment conducive to innovation and investment.

Gender Representation and Diversity

  • Founders’ Gender: 16.09% female founders, 80.46% male, showing a gender gap in entrepreneurial activities.
  • Directors’ Gender: More balanced, with 31.72% female and 64.84% male directors.

Conclusion

Westmorland and Furness demonstrates a healthy and diverse economic environment with strong growth in employment and a variety of thriving sectors. The area shows potential in innovation and business scale-ups, although there is a noticeable gender gap in entrepreneurship that could be addressed for further growth.

The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.