Overview
Folkestone and Hythe exhibit a diverse economic landscape, characterised by a mix of traditional and emerging sectors. With a total of 22,944 employees, the region shows a dynamic business environment. Notably, there has been a significant employee growth rate of approximately 6.98%, indicating an expanding job market. The presence of varied sectors such as professional services, construction, and retail trade indicates a balanced economic structure. However, the region faces challenges, including a lack of major IPOs and a relatively small number of scale-ups.
Employment and Business Growth
- Total Employees: 22,944. This figure reflects a healthy employment market, with a 6.98% growth indicating positive job creation trends.
- Employee Growth Rate: Approximately 6.98%. This is a robust indicator of economic vitality and suggests an expanding workforce in the region.
Sector Dynamics
- Top Sectors by Number of Companies: The leading sectors include professional, scientific, and technical activities (16.21%), construction (11.67%), and wholesale/retail trade (10.21%). This diversity is a strength, providing resilience against sector-specific downturns.
- Emerging Sectors: Sectors such as health and fitness, educational services, and e-commerce are on the rise, though their overall impact on the local economy is currently modest.
Business Continuity
- Company Cessations: The data doesn’t explicitly mention company cessations, but with 823 companies reported as ‘dead’, there’s a significant churn in the business landscape, which could indicate both market dynamism and challenges in sustaining long-term business operations.
Entrepreneurial and Innovation Indicators
- Number of Scaleups: 28, a relatively small figure, suggesting the need for more support in scaling businesses.
- Number of Patent Owners and Grantees: 21 patent owners and 3 grantees, indicating a modest level of innovation activity.
- Fundraising Activities: The presence of 136 fundraisings is a positive sign of an active investment landscape.
Diversity in Leadership
- Founders’ Gender Distribution: 19.05% female founders, 71.43% male founders, and 9.52% unknown. This shows a gender gap in entrepreneurship that needs addressing.
- Directors’ Gender Distribution: 28.43% female directors, 67.63% male directors, and 3.94% unknown, reflecting a similar gender imbalance in corporate leadership.
Conclusion
Folkestone and Hythe’s economic landscape is marked by a strong mix of sectors, evident growth in employment, and a dynamic business environment. Challenges include enhancing the scale-up ecosystem and addressing gender disparities in entrepreneurship and leadership. The region shows potential for further economic development, especially by nurturing emerging sectors and fostering a more inclusive economic environment.