Overview
Islington’s economic landscape is characterised by a robust employment base and diverse business sectors. With a total of 776,787 employees and a recent growth rate of 11.84%, the area demonstrates strong economic vitality. Key sectors include professional, scientific and technical activities, wholesale and retail trade, and information and communication. Notably, the region has not seen any IPOs recently, indicating a potential area for future growth. The presence of 340 scaleups and 1,035 exporters reflects a dynamic business environment. The gender diversity in founding and director roles, however, suggests room for improvement, with women underrepresented in both areas.
Employment and Business Growth
- Total Employees: 776,787. This high number indicates a strong and diverse employment base. The 11.84% growth rate suggests recent positive economic developments.
- Top Sectors by Company Number: Professional services, retail trade, and information and communication lead, reflecting a knowledge and service-based economy.
- Top Sectors by Growth: Internet platforms, SaaS, mobile apps, and analytics are growing rapidly, indicating a shift towards tech-based industries.
- Scaleups: 340 scaleups signify a healthy environment for business expansion and innovation.
Business Continuity
- Company Cessations: With 12,089 company cessations, there’s a need to analyse factors leading to these closures and implement strategies for business sustainability.
- New Companies (2 Years): 18,955, suggesting an entrepreneurial spirit and a dynamic business environment.
- SMEs: 50,973 SMEs form the backbone of the local economy, offering diversity and resilience.
- Exporters: 1,035, indicating international business engagement.
- Foreign Parent Companies: 393, reflecting global business ties.
Gender Diversity
- Founders: 15.83% female, 82.38% male. This disparity highlights the need for initiatives to support female entrepreneurship.
- Directors: 25.18% female, 67.95% male. Greater gender balance in leadership could enhance business innovation and perspectives.
Innovation and Growth
- Patent Owners: 1,236, showcasing a strong focus on innovation.
- Grantees: 86, indicating active investment in new ideas.
- Spinouts: 1, a potential area for growth through university-industry collaborations.
- Young Companies with Young Directors: 7,634, reflecting a trend towards younger entrepreneurship.
Conclusion
Islington’s economy is vibrant and diverse, led by sectors like professional services and technology. While the overall employment and business growth are strong, the area shows a significant gender gap in leadership roles and a need for strategies to increase company longevity. The high number of SMEs and young companies indicate a dynamic and evolving economic landscape.