Overview
Hackney presents a dynamic economic profile with a diverse range of sectors contributing to its business landscape. The borough has shown a significant rise in employment, with a total of 276,931 employees, and a notable increase in businesses, particularly in sectors like professional, scientific, technical activities, and wholesale and retail trade. The data also reveals strong performance in the technology and service industries, alongside a healthy mix of small and medium-sized enterprises (SMEs) and exporters.
Employment and Business Growth
- Total Employees: Hackney has a total of 276,931 employees. The borough saw an increase of 8,413 employees in recent times, indicating a healthy employment landscape. The annual growth rate in employee numbers is 14.43%, reflecting a robust and growing job market.
- Top Sectors by Employment: The leading sectors in Hackney are ‘Professional, scientific and technical activities’ (17,956 companies), ‘Wholesale and retail trade’ (16,348 companies), and ‘Information and communication’ (15,627 companies). These sectors are central to Hackney’s economic vitality.
- Business Continuity: There are 97,661 companies in Hackney, with 45,035 being new companies established in the last two years. This high rate of new company formation suggests a vibrant entrepreneurial environment. The borough also has a substantial number of small and medium-sized enterprises (SMEs), totaling 56,133.
Sector Dynamics
- Top Growing Sectors: Emerging sectors include ‘Internet platform’, ‘Software-as-a-service (SaaS)’, and ‘Analytics, insight, tools’, indicating a strong tilt towards the tech industry. These sectors are pivotal for future economic development and innovation in Hackney.
Company Trends
- Company Cessations: Hackney saw 18,609 company cessations, a significant number, but common in dynamic economies with high start-up rates.
- New Companies: There are 27,535 new companies, reinforcing the borough’s status as a hub for new business ventures.
Business Continuity
- Company Cessations: There have been 18,609 company cessations in Hackney, suggesting a competitive and dynamic business environment where new businesses frequently emerge and some close.
Conclusion
Hackney’s economy is characterised by robust growth in employment, a vibrant mix of sectors, and a significant influx of new businesses. The dominance of tech and professional services indicates a shift towards a knowledge-based economy. The high number of SMEs and exporters underscores the borough’s entrepreneurial spirit. However, the rate of company cessations highlights the competitive nature of the market.