Overview
Greenwich’s economic landscape is characterised by a diverse mix of sectors, with a notable presence in wholesale and retail trade, professional activities, and construction. The area has experienced significant growth in employment, with 57,379 total employees and a notable increase in the number of companies, especially in emerging sectors like internet platforms and mobile apps. However, there’s a gap in gender representation in both founders and directors of companies, with males dominating these roles.
Employment and Business Growth
- Total Employees: 57,379, with 107 companies reporting increases in employees. The 8.26% growth rate in employees is indicative of a healthy and expanding job market.
- Top Sectors with Employment Increase: Sectors like Internet platforms, mobile apps, and software-as-a-service (SaaS) are among the top sectors showing employment growth, signifying a shift towards digital and tech-driven industries.
Sector Dynamics
- Top Sectors by Number of Companies: The leading sectors include Wholesale and Retail Trade (3,749 companies), Professional, Scientific, and Technical Activities (3,251 companies), and Construction (2,613 companies). These sectors form the backbone of Greenwich’s economy, contributing significantly to its employment and business landscape.
- Emerging Sectors: Notable growth in sectors such as Internet platforms, mobile apps, SaaS, and analytics indicates a trend towards digitalisation and technological advancement in the local economy.
Company Trends
- Scaleups: There are 57 scaleup companies, which are high-growth enterprises, indicating a dynamic and evolving business environment.
- New Companies: 4,776 new companies have been established in the last two years, showing a thriving entrepreneurial spirit.
- SMEs and Exporters: The presence of 16,712 SMEs and 213 exporters reflects a robust and diverse business community with a global outreach.
- Foreign Influence: With 178 companies having foreign parentage, there is significant international influence and investment in the local economy.
Innovation and Funding
- Patent Owners and Grantees: With 324 patent owners and 3 grantees, there’s evidence of innovation and research activity in the region.
- Fundraisings: 20 companies have successfully raised funds, indicating investor confidence in local businesses.
Demographics and Diversity
- Gender Representation: Founders’ gender distribution shows 26.17% female and 73.15% male, while directors’ gender distribution is 30.99% female and 61.86% male. This data highlights a gender disparity in leadership roles.
- Age of Directors: 15.74% of directors are under 30, while a significant portion (51.34%) are between 40 and 60, suggesting experienced leadership in the business community.
Business Continuity
- Company Cessations: A total of 3,151 companies have ceased operations, which could indicate market challenges or business cycle transitions.
Conclusion
Greenwich’s economy exhibits healthy growth and diversity, with a strong presence in traditional sectors and emerging growth in technology-oriented industries. However, challenges in gender parity and business continuity need to be addressed to ensure sustainable and inclusive economic development.