Overview
The economic landscape of Castle Point is characterised by a diverse range of sectors, with a notable concentration in Construction, Professional, Scientific, and Technical activities. The total employment stands at 21,874, indicating a vibrant local economy. The city shows a promising employee growth rate of 6.50% and a healthy number of new companies (912) over the past two years, reflecting dynamic business activities.
Employment and Business Growth
- Total Employees: Castle Point employs 21,874 individuals. The 6.50% growth rate in employment suggests a robust job market, likely driven by the top sectors.
- Top Sectors by Company Numbers: Construction (20.71%), Professional/Scientific/Technical (12.10%), and Wholesale/Retail Trade (10.71%) dominate the local economy, showcasing a diversified industrial base.
- Top Sectors by Growth: Sectors such as ‘Analytics, Insight, Tools’, and ‘Software-as-a-Service (SaaS)’ are emerging as new growth areas, though they currently represent a smaller portion of the overall business landscape.
Business Continuity
- Company Cessations: The data does not directly indicate the number of company cessations, but the presence of 6,462 companies with a substantial addition of 912 new companies in the last two years suggests a dynamic and growing business environment.
Sector Dynamics
- Total Companies: There are 6,462 companies in Castle Point, indicating a thriving business ecosystem.
- New Companies (2 Years): 912 new companies were established in the past two years, demonstrating significant entrepreneurial activity and business confidence.
- Scaleups: The presence of 22 scaleups reflects a nurturing environment for business growth and development.
Company Trends
- SMEs and Exporters: With 5,162 SMEs and 75 exporters, the local economy is supported by small and medium enterprises, some of which are engaged in international trade.
- Foreign Parent Companies: 18 companies with foreign parentage indicate international business interest and investment in the region.
Innovation and Growth Potential
- Fundraisings and Patents: 2 fundraising events and 20 patent owners suggest modest but present innovation activities.
- Grantees: The presence of a single grantee indicates limited but existent support for research and development.
Diversity in Leadership
- Founders’ Gender: Founders are 36.36% female and 63.64% male, showing a gender gap in entrepreneurship.
- Directors’ Gender: Female directors constitute 26.87% of the total, while male directors are at 70.35%, indicating a similar gender disparity in leadership roles.
Conclusion
Castle Point exhibits a robust and diverse economic environment, marked by strong employment growth and a dynamic business sector. The dominance of construction and technical sectors, combined with emerging areas like SaaS, paints a picture of a balanced economy. However, there is a notable gender gap in entrepreneurship and leadership roles. The innovation landscape, while present, shows potential for further growth.