Reasons to invest in South Somerset
South Somerset, a great place to do business
- Strong business growth and good survival rates
- A resilient local economy with low unemployment levels, high levels of economic activity and growing levels of skills and training inclusion
- Several of the South-west region’s most important high-tech aerospace businesses with many other advanced engineering and manufacturing companies
- A planned aerospace innovation and collaboration hub in Yeovil as part of the iAero initiative, to further focus economic growth in this globally significant sector
- Allocated employment sites and existing commercial floor space available to suit the needs of a wide range of businesses
- Distinctive and diverse Market Towns, with ongoing rejuvenation and regeneration programmes in place
- A high quality of life in our towns, villages and rural areas
- A range of agricultural and rural diversification opportunities
- Good access to the West Country’s strategic road and rail links and committed future improvements
- A programme that will drive superfast broadband roll-out across our District, particularly focusing on the provision for businesses and improving coverage in more rural areas
Below you can find headline statistics for South Somerset:
Prosperity in South Somerset
There are fewer children in low income families in South Somerset than the national average (14.5% compared to 20.1% for England), and violent crime is less (15.5% compared to 17.2% for England). Long term unemployment in South Somerset is also below the national average (1.1% compared to 3.7% for England).
(Source: Fingertips Profile, South Somerset District, Health Profile 2017, July 2017)
Employer surveys indicate that school leavers are better prepared for work in Somerset than nationally
23% of Somerset employers who were surveyed as part of the UK Commission’s Employer Skills Survey (UKCESS) had found 16 year old school leavers to be poorly prepared for work, compared to 27% across the LEP area and 36% nationally.
(Source: State of the Somerset Economy 2016, Chapter 7: Skills, education and training)
Business survival rates
Business survival rates in South Somerset tend to be higher than the county, regional or national averages.
This tends to be the case over the first three years of a business formation.
(Source: South Somerset Employment Land Evidence: Long Term Economic Forecasting and Implications for Employment Sites and Premises, July 2017. HJA & SSDC, based on ONS Inter Departmental Business Register; ONS Business Demography 2016)
Micro business environment
As with Somerset, the South West and nationally, South Somerset has a very large micro business (0-9 employees) sector.
The rest of the business sector profile is also similar to county, regional and national averages.
(Source: Nomis Local Authority Profile (April 2018). Inter Departmental Business Register)
South Somerset has above average employment in the total manufacturing sector compared to the Somerset, South West and national (GB) average
(21.2%, 13.5%, 9.3% and 8.1% respectively as at 2016 – Sector C).
(Source: Nomis Local Authority Profile, April 2018. ONS Business Register and Employment Survey)
South Somerset had the largest number of jobs in Somerset at 69,000 jobs – approximately 30% of the Somerset total.
As at 2016 there were 232,000 jobs in Somerset. This represented 32% of the total jobs in the Heart of South West LEP (HoTSW LEP). South Somerset therefore represents approximately 10% of the HoTSW LEP job market.
(Source: Employment and Economic Activity – November 2017, Somerset Intelligence)
Employment in production/manufacturing
South Somerset has the highest proportion of employment in production/manufacturing industries of all the districts (26.8%), largely due to a strong concentration of aerospace and advanced manufacturing.
(Source: State of the Somerset Economy 2016, Chapter 3: Industry Sectors, based on Heart of South West LEP Model, Oxford Economics 2015)
Unemployment in Somerset and South Somerset has consistently been below the national average
The unemployment rate for South Somerset is below that of Somerset as a whole.
(Source: Employment and Economic Activity – November 2017, Somerset Intelligence; Nomis Local Authority Profile (April 2018). ONS Annual Population Survey. People 16+)