Overview
Hartlepool’s economic landscape is characterised by a vibrant mix of sectors, with a notable emphasis on professional, scientific, and technical activities. The total employment of 11,315 reflects a diverse economic base. Despite having no initial public offerings (IPOs), the city shows a healthy 12.29% employee growth, indicating robust business expansion. A noteworthy aspect is the gender diversity in business leadership, with a substantial proportion of female founders and directors.
Employment and Business Growth
- Total Employees: 11,315. Hartlepool exhibits a steady employment rate with a significant number of employees spread across various sectors. The 12.29% growth in employee numbers suggests dynamic business activity and a possibly expanding job market.
- Employee Growth Rate: 12.29%. This rate is indicative of positive economic momentum, potentially driven by new businesses and scale-ups.
Sector Analysis
- Top Sectors: The leading sectors are professional, scientific and technical activities (17.55%), construction (15.97%), and wholesale and retail trade (10.94%). This diversity indicates a well-rounded economic structure.
- Sector Growth Drivers: Notable growth is seen in less traditional sectors like E-commerce and furniture, suggesting an evolving business landscape.
Business Dynamics
- New Companies (2 Years): 956. This figure shows a promising entrepreneurial spirit and a conducive environment for startups.
- SMEs: 2,520. Small and medium enterprises form the backbone of Hartlepool’s economy, driving innovation and employment.
- Scaleups: 12. The presence of scaleups reflects the potential for businesses in Hartlepool to expand and succeed.
Innovation and Global Reach
- Patent Owners: 3. While modest, this number indicates some degree of innovative activity.
- Exporters: 57. This suggests a level of international business engagement.
- Companies with Foreign Parent: 14. This presence of foreign investment is a positive sign of global integration.
Leadership Diversity
- Founders’ Gender: 33.33% female, 66.67% male. A fair representation of female founders shows progress in gender diversity.
- Directors’ Gender: 24.88% female, 72.14% male. Although male directors dominate, the presence of female directors is encouraging.
Conclusion
Hartlepool’s economic environment is marked by a growing workforce, diverse sector representation, and a promising number of new companies and SMEs. The city’s economic health is bolstered by scaleups and a mix of local and international business influences. While innovation indicators like patent ownership are low, the diversity in business leadership is a positive sign. Hartlepool’s economy shows signs of dynamic growth and adaptability, positioning it well for future economic development.