Overview
Basildon’s economic landscape shows a dynamic mix of sectors, with a significant presence in construction, professional, scientific, and technical activities. The city has experienced a notable growth in employment, with a total of 78,930 employees and a robust 8.21% employee growth rate. This reflects a thriving business environment, further evidenced by the emergence of new companies and the diversity in the sectoral composition.
Employment and Business Growth
- Total Employees: Basildon has 78,930 employees, demonstrating a healthy employment environment. The city has seen a significant rise in employment, with a growth rate of 8.21%. This indicates strong economic momentum and potential for future growth.
- Employee Growth: The 35 companies that have raised employee numbers significantly contribute to this growth, suggesting an upward trend in job creation and economic prosperity.
Sector Dynamics
- Top Sectors: The leading sectors in Basildon are Construction (19.65%), Professional, Scientific and Technical Activities (12.8%), and Administrative and Support Service Activities (11.91%). This diversified sectoral distribution signifies a balanced and robust economic base.
- Sector Growth Leaders: Notable sectors showing growth include Sporting Events, Other Technology/IP-based Businesses, and Mobile and Wireless Hardware. These sectors, though smaller in size, indicate emerging trends and potential areas for future economic development.
Business Continuity
- Company Cessations: Basildon saw 1,644 company cessations, which, while indicative of the business lifecycle, also highlights the need for strategies to enhance business sustainability and support.
Entrepreneurial and Innovation Indicators
- New Companies: There are 2,194 new companies in the last two years, showcasing an entrepreneurial spirit and a conducive environment for business startups.
- Scaleups: The presence of 82 scaleups suggests a nurturing environment for business growth and development.
- IP and Innovation: With 393 patent owners and 6 fundraisings, there’s evidence of a focus on innovation and intellectual property, crucial for long-term economic competitiveness.
Diversity and Inclusion
- Founders’ Gender: Female founders represent 7.04%, and male founders 90.14%, indicating a gender gap in entrepreneurship that could be addressed to foster inclusivity.
- Directors’ Gender: Female directors account for 24.73%, showing a better but still skewed gender representation in leadership roles.
Conclusion
Basildon’s economic landscape is characterized by strong employment growth, a diversified sector base, and an encouraging environment for new businesses and scaleups. The city shows potential in emerging technology sectors, though there is room for improvement in gender diversity among founders and directors. The overall economic health of Basildon is robust, with indicators pointing towards continued growth and innovation.