Business Profile - November 2016
Published: November 2016
In 2016 there were 24,010 businesses in Somerset. The County has more businesses per 1,000 persons, (45) than the UK (40) and LEP area (42). There was no change in the number of businesses in West Somerset between 2009 and 2016. Mendip had the largest increase of 8%
Businesses in Somerset (number) increased by 1.7% between 2015 and 2016. At the UK level, the number of businesses grew 4.3% between 2015 and 2016. Mendip had the largest increase with 4.3%
Somerset has a higher proportion (20.1%) of businesses with a turnover of less than £50,000 than the UK (17%) and LEP (17%) areas. The largest proportion of Somerset businesses fall in the £100-249,000 turnover bracket, a similar pattern to UK and LEP areas.
Somerset’s largest sectors in terms of number of businesses are agriculture, forestry and fishing (15.8%), professional, scientific and technical (13.7%) and construction (12.8%). The County’s industrial profile is broadly similar to that of the LEP area. The UK as a whole has a lower concentration of agriculture, forestry and fishing businesses (5.8%) than Somerset and the Heart of the South West LEP, but a higher proportion of professional, scientific and technical (18%) .
Somerset’s economy is mostly made up of small and medium-sized enterprises (SMEs). 77.6% of Somerset’s businesses employ fewer than 5 people, compared to 75.2% in the LEP area. In West Somerset, 90% of businesses employ fewer than 10 people. Taunton Deane has the largest concentration of medium and larger businesses in the County, with 11.6% employing more than 10 people. Source for all data: UK Business Activity, Size and Location 2016, ONS Report updated annually