Overview
Falkirk, a vibrant city, exhibits a diverse economic landscape with significant activities in various sectors. The city’s workforce stands at 35,359 employees, witnessing a notable 7.04% growth. This growth reflects the dynamic nature of Falkirk’s economy, with a particular emphasis on the professional, scientific, technical, and retail trade sectors. The presence of scaleups and new companies underscores the entrepreneurial spirit, while the gender distribution among founders and directors highlights a progressive but still evolving gender balance in business leadership.
Employment and Business Growth
- Total Employees: Falkirk employs 35,359 individuals, indicating a robust workforce. The employee growth rate is 7.04%, signifying a healthy and expanding job market.
- Top Sectors by Number of Employees: The leading sectors contributing to employment include Professional, Scientific, and Technical activities (865 companies), Wholesale/Retail Trade and Vehicle Repair (696 companies), and Construction (668 companies). These sectors are pivotal in driving the city’s economic engine.
- Scaleups and New Companies: Falkirk has witnessed the emergence of 27 scaleups and 1,377 new companies in the last two years. This trend is indicative of a fertile ground for business growth and innovation.
Sector Dynamics
- Top Sectors by Company Count: The city’s economy is diversified, with significant contributions from Professional, Scientific, and Technical activities (16.66% of companies), Retail Trade (13.41%), and Construction (12.87%). This diversification suggests a balanced economic structure, capable of sustaining various market conditions.
- Top Sectors by Growth: Notably, the sector of ‘Other technology/IP-based businesses’ is emerging, though currently with only one company. This could be a signal for potential future growth in tech-driven industries.
Business Continuity
- Company Cessations: Despite the economic vibrancy, there are 7885 instances of company cessation and 702 dead companies, indicating challenges in sustaining long-term business operations in certain sectors. This aspect requires further analysis to identify underlying causes and potential remedies.
Gender Diversity in Leadership
- Founders’ Gender: There is a 25% representation of female founders, showing progressive strides in gender diversity, but also highlighting the scope for further improvement.
- Directors’ Gender: Female directors constitute 27.05%, with male directors at 70.74%. This ratio reflects ongoing efforts towards gender parity in corporate leadership.
Conclusion
Falkirk’s economy is characterised by robust employment growth, sectoral diversification, and an encouraging environment for new businesses and scaleups. However, the high number of company cessations and the need for greater gender balance in leadership positions present areas for further development. Strengthening these aspects can further enhance the city’s economic resilience and inclusive growth.