Overview
Broxbourne’s economic landscape is characterised by a diverse array of sectors, with significant activities in construction, retail, and professional services. The council area exhibits dynamic economic features, including a positive employee growth rate and a vibrant mix of new and established companies. However, there’s a notable gap in gender representation among company founders and directors.
Employment and Business Growth
- Total Employees: Broxbourne has 40,205 employees. The employee growth rate is 7.06%, indicating a healthy, expanding job market.
- Top Sectors for Employment: Key sectors include Construction (1,465 companies), Wholesale/Retail Trade (1,287 companies), and Professional, Scientific, and Technical Activities (1,167 companies).
- Sectors with Most Growth: Consumer Banking and Financial Services, and Software-as-a-Service (SaaS) are among the top sectors showing growth.
Business Continuity
- Company Cessations: The data shows that 951 companies have ceased operations, which could indicate market saturation or economic challenges in specific sectors.
- New Company Formation: There were 1,181 new companies in the last two years, signifying robust entrepreneurial activity.
- Small and Medium Enterprises (SMEs): SMEs number 8,244, forming the backbone of the local economy.
- Scaleups: There are 32 scaleups, demonstrating potential high-growth businesses in the region.
Innovation and International Presence
- Patent Owners and Grantees: The region has 23 patent owners and 1 grantee, indicating a modest level of innovation.
- Exporters: 151 companies are engaged in exporting, showcasing an international business presence.
- Companies with Foreign Parentage: There are 130 companies with foreign parentage, reflecting the area’s global business connections.
Diversity in Leadership
- Founders Gender Percentage: Female founders constitute 13.46%, while male founders make up 86.54%. This disparity highlights a gender gap in entrepreneurship.
- Directors Gender Percentage: Female directors are at 27.87%, and male directors at 68.62%, showing a similar gender gap in corporate leadership.
Conclusion
Broxbourne’s economic environment is thriving with diverse sectoral activities and a growing workforce. The increase in new companies and scaleups is a positive indicator of business vitality. However, challenges such as company cessations and a significant gender gap in leadership positions need addressing. The council’s focus could be directed towards supporting SMEs, fostering innovation, and enhancing diversity in business leadership.