Overview
Barnet’s economic landscape is marked by a robust diversity in business sectors, with a significant presence in real estate, professional, scientific, and technical activities, and wholesale/retail trade. The city shows promising growth in employment and business development, with a notable inclination towards technology-driven sectors like Internet platforms and Software-as-a-Service (SaaS). However, the area also faces challenges in gender diversity among founders and directors and has room for improvement in supporting young and innovative companies.
Employment and Business Growth
- Total Employees: 208,819. The employment landscape in Barnet has shown positive dynamics with a total of 208,819 employees. This robust workforce is indicative of a thriving local economy.
- Employee Growth Rate: 7.83%. This rate signifies a healthy, growing job market, potentially linked to the emergence of new businesses and expansion of existing ones.
- Number of Companies with Increasing Employment: 338. This figure suggests that a significant number of businesses are scaling up, contributing to the overall economic growth of Barnet.
Sector Dynamics
- Top Sectors by Company Numbers: Real estate (13,885 companies, 18.02%), Professional, scientific, and technical activities (10,125 companies, 13.14%), and Wholesale/retail trade (8,845 companies, 11.48%). These sectors are the pillars of Barnet’s economy, providing a diverse range of employment opportunities.
- Top Sectors Showing Growth: Internet platform, Software-as-a-Service (SaaS), Analytics, Insight, Tools, Mobile Apps, and Other Retail. These sectors indicate a shift towards technology and innovation, reflecting global trends and the potential for future economic development in these areas.
Business Continuity
- Company Cessations: Not directly provided, but can be inferred from the number of new companies (9,619) and the total number of companies (77,061). A comparison of these figures over time would give a clearer picture of business continuity and sector health in Barnet.
Diversity in Leadership
- Gender Distribution among Founders: 15.99% female, 81.57% male, 2.44% unknown. This highlights a significant gender gap in entrepreneurship in Barnet.
- Gender Distribution among Directors: 25.57% female, 68.27% male, 6.17% unknown. Similar to founders, there’s a notable gender disparity among company directors.
- Age Distribution of Directors: A diverse age range, with a higher representation of directors above 40 years old, indicating experienced leadership in the business community.
Innovation and Growth
- Number of Scale-ups: 123. This indicates a healthy startup ecosystem with a number of companies transitioning to more significant stages of growth.
- Number of Patent Owners and Grantees: 460 patent owners and 12 grantees, showcasing a moderate level of innovation and intellectual property creation.
Conclusion
Barnet’s economy is characterized by a strong real estate sector, burgeoning technological industries, and a robust employment market. However, there are areas for improvement, particularly in enhancing gender diversity in leadership roles and supporting the growth of young, innovative companies. The continued focus on technology and innovation sectors, combined with efforts to bridge the gender gap, can drive Barnet’s economic progress forward.