Overview
Runnymede, a dynamic local council area, shows a varied economic landscape with significant activity in professional, scientific, technical, and real estate sectors. With a workforce of 605,701, the region has witnessed considerable employment and business growth. A closer examination of sector dynamics, company trends, and other key economic indicators will provide a deeper understanding of Runnymede’s economic health.
Employment and Business Growth
- Total Employees: Runnymede employs 605,701 individuals. The council has seen a notable rise in employment, with a 12.07% growth, reflecting a robust job market and economic expansion.
- Sector Dynamics: The leading sectors are professional, scientific and technical activities (16.2%), real estate activities (15.89%), and construction (10.69%). These sectors are key drivers of the local economy, indicating a strong foundation in knowledge-based and property-related industries.
- Top Sector Raisers: Sectors such as Mobile Apps, Sporting Events, Airlines, Healthcare Products, and Internet Platforms are emerging, albeit with smaller company numbers. This diversification suggests an evolving business landscape adapting to modern technological and consumer trends.
Business Continuity
- Company Cessations: The data indicates 9798 company cessations, a significant number which may reflect market dynamics or sectoral shifts. It’s crucial to analyse this in the context of new company formations and overall economic health.
- New Companies: Over the past two years, 2,155 new companies have been established, with a total of 1,117 SMEs (small and medium-sized enterprises). This influx of new businesses signifies a vibrant entrepreneurial spirit and potential for economic rejuvenation.
- Scaleups: The presence of 38 scaleups indicates a healthy startup ecosystem with companies showing potential for significant growth.
Gender Representation and Company Age
- Founders and Directors Gender: Female founders constitute 11.59%, with male founders at 86.96%. In directorial roles, females represent 25.84%, and males 69.79%. These figures highlight gender disparity, especially in founding roles.
- Age of Companies and Directors: A majority of directors fall in the 50-60 age bracket (29.43%), followed by 40-50 (24.19%). Young directors (under 30) represent a minor fraction (4.34%), indicating a more experienced leadership across companies. The presence of 309 young companies with young directors shows an emerging trend of youthful entrepreneurship.
International and Innovation Indicators
- Exporters and Foreign Parent Companies: Runnymede has 233 exporters and 540 companies with foreign parentage, indicating strong international business ties.
- Innovation Indicators: The region has 11 fundraising events, 713 patent owners, and 4 grantees, reflecting a promising innovation ecosystem.
Conclusion
Runnymede’s economy is characterised by a diverse and evolving business environment. The strong presence in professional and technical services, coupled with emerging sectors, points to a dynamic economic landscape. However, the gender gap in leadership roles and company cessations are areas requiring attention. Overall, the council exhibits a healthy mix of established industries and innovative startups, suggesting a balanced and resilient economy.