Overview
Boston’s economic landscape is characterised by a diverse mix of sectors, with a significant presence in wholesale and retail trade, transportation and storage, and construction. The city has demonstrated a robust employee growth rate, indicating a thriving business environment. However, there is a noticeable gender disparity in leadership roles, with a predominant male presence in both founding and director positions.
Employment and Business Growth
- Total Employees: 19,148. Boston has shown a significant growth in employment, with a 15.3% increase in employee numbers. This growth is indicative of a healthy job market and an expanding economy.
- Employee Growth Raisers: The city has 11 sectors that have contributed to employment growth, reflecting a diverse and dynamic economic base.
- Top Sectors for Employment: Key sectors include wholesale and retail trade (495 companies), transportation and storage (398 companies), and construction (357 companies). These sectors are critical in driving the city’s economic engine.
- Sector Dynamics: Growth sectors such as ‘Household goods’ and ‘Other manufacturing and engineering’, though smaller in number, indicate emerging areas of economic activity.
Business Continuity
- Company Cessations: With no reported IPOs and a high number of company cessations (274 in recent times), there is a concern for business sustainability in Boston. This could be indicative of a challenging business environment or a shift in economic focus.
- Scaleups: The presence of 16 scaleups suggests an environment conducive to business growth and development.
- New Companies: There have been 927 new companies in the last two years, highlighting a vibrant entrepreneurial spirit in the city.
- SMEs and Exporters: With 2,194 SMEs and 70 exporters, Boston demonstrates a strong backbone of small and medium-sized enterprises contributing to the economy.
Leadership and Innovation
- Gender Disparity in Leadership: There is a significant gender gap in leadership, with 100% male founders and 68.82% male directors. Female representation in directorial roles is only 26.81%.
- Young Companies and Directors: The city has a notable number of young companies with young directors (17.3%), indicating a youthful and potentially innovative business landscape.
- Patents and Funding: Boston has a relatively low number of patent owners (1) and fundings (36), suggesting areas for improvement in innovation and investment.
Conclusion
Boston’s economic landscape is vibrant and diverse, marked by a strong presence in key sectors like trade, transportation, and construction. Employment growth is robust, reflecting a healthy job market. However, challenges in business sustainability and a notable gender disparity in leadership roles are areas needing attention. The city’s economic health is promising, but there is room for enhancing innovation and investment.