Overview
Dover’s local economy exhibits a diverse sectorial composition, with strong representation in professional, scientific, technical activities, and construction. Notably, there’s been an upward trend in employment with a focus on sectors like software, pharmaceuticals, and clean technology. However, the city shows no initial public offerings (IPOs), which could indicate a focus on small to medium-sized enterprise (SME) development rather than large corporate growth.
Employment and Business Growth
- Total Employees: Dover’s workforce comprises 26,374 employees. Remarkably, 59 companies have reported an increase in their employee count. This suggests a healthy job market, potentially driven by key sectors.
- Top Sectors by Company Count: Leading sectors include professional, scientific and technical activities (892 companies), construction (763 companies), and wholesale/retail trade (655 companies). This diversity underlines a balanced economic structure.
- Top Sectors by Growth: Notable growing sectors include other software (3 companies), pharmaceuticals (2 companies), and clean technology (2 companies). This growth indicates an evolving business landscape with a focus on high-tech and sustainable industries.
- Percentage Employee Growth: The city experienced a substantial 8.93% growth in employment. This indicates positive economic momentum and potential opportunities for future workforce expansion.
Business Continuity
- Company Cessations: Dover saw 556 companies cease operations, against the backdrop of 7,495 companies in total. This cessation rate must be examined in the context of overall business dynamics, including new company formations and sectoral shifts.
- New Companies in Last Two Years: 1,382 new companies emerged over the past two years, signifying vibrant entrepreneurial activity and a supportive ecosystem for new business ventures.
Conclusion
Dover’s economic landscape is characterised by a healthy mix of established sectors and emerging industries, with significant employment growth and a vibrant new business scene. The absence of IPOs suggests a focus on SMEs. The city’s economic health is further underscored by the diversity in its business sectors and the continual rise in employment figures. However, the cessation of over 500 companies indicates a dynamic, competitive environment where adaptability and innovation are key.