Overview
Harrow, a dynamic local council area, shows a vibrant economic landscape. With 109,897 employees and a significant number of businesses across diverse sectors, Harrow presents a robust profile of economic activities. A noteworthy aspect is the 8.9% employee growth rate, reflecting a strong employment environment. The presence of 80 scale-ups and 62,889 SMEs underscores the region’s entrepreneurial spirit. Harrow’s business domain is characterised by a diverse sectoral composition, with significant activities in real estate, professional services, and trade. The council area also boasts 23 fundraising events and 110 patent owners, indicating a fertile ground for innovation.
Employment and Business Growth
- Total Employees: Harrow employs 109,897 individuals. The recent period has seen a rise in employment, with 162 companies reporting an increase in their workforce. This positive trend, indicating an 8.9% growth in employment, demonstrates the area’s expanding economic activity and job market health.
- Top Sectors with Employment Growth: The sectors experiencing the most growth in terms of employment are predominantly Software-as-a-Service (SaaS), Internet platforms, and professional services for businesses, signifying a tilt towards technology and service-oriented industries.
Sector Dynamics
- Leading Sectors: The leading sectors in Harrow are diverse, with real estate activities (7,688 companies), professional services (6,994 companies), and trade (6,460 companies) at the forefront. This diversity suggests a balanced economic structure, reducing dependency on a single sector.
- Sectors with Most New Companies: The sectors showing the most growth in terms of new companies are also technology and service-oriented, aligning with the overall employment trend. This indicates a strong entrepreneurial spirit and an inclination towards innovative business models in the area.
Business Continuity
- Company Cessations: Harrow witnessed 4,587 company cessations, which is a critical indicator to monitor for assessing business continuity and economic resilience. This figure, when compared to the total number of companies and new companies, provides insights into the business lifecycle and market dynamics in the area.
Conclusion
Harrow’s economic and business activities portray a region with a strong employment market, diverse sectoral engagement, and an inclination towards technology and innovative services. The area’s economic health is further evidenced by the growth in the number of SMEs, scale-ups, and patent owners. However, the number of company cessations needs to be carefully considered for future economic planning and support strategies.