Overview
Hastings, a vibrant city with a diverse economic landscape, showcases significant activity across various sectors. The city’s workforce of 15,104 employees reflects a dynamic business environment, with notable growth in certain sectors. The report delves into the intricacies of employment, sector dynamics, company trends, and more, to paint a comprehensive picture of Hastings’ economic health.
Employment and Business Growth
- Total Employees: Hastings employs 15,104 individuals. A notable aspect is the increase in employee numbers in 135 companies, indicating a positive trend in job creation.
- Employee Growth: The employee growth percentage stands at 10.09%, signifying robust growth in the workforce.
- Scaleups: The presence of 29 scaleup companies, which are high-growth firms, underscores a dynamic business environment fostering growth.
Sector Analysis
- Top Sectors: The leading sectors in Hastings include Construction, Wholesale/Retail Trade, and Professional, Scientific & Technical activities, each contributing significantly to the economic fabric. Construction leads with 519 companies, followed closely by Wholesale/Retail Trade with 514 companies.
- Sector Growth Leaders: Sectors showing considerable growth include Toys/Games, Consumer and Business Banking Services, Clothing Retail, and Accountancy Services, each marking their presence with burgeoning company numbers.
Business Continuity
- Company Cessations: Hastings has witnessed 4,161 company cessations, reflecting a churn in the business landscape. This number includes 616 companies that have ceased operations recently.
- New Companies: In the past two years, Hastings has seen an influx of 1,069 new companies, indicating a fertile ground for new business ventures.
Diversity in Leadership
- Gender Representation in Founders: The city shows a gender distribution of 18.52% female founders and 81.48% male founders.
- Gender Representation in Directors: There is a higher female representation among directors at 32.51%, compared to 63.93% male directors.
Company Demographics
- Young Companies with Young Directors: Hastings has 147 young companies led by young directors, highlighting a youthful entrepreneurial spirit.
- SMEs and Exporters: The city supports 3,554 SMEs and 86 exporters, contributing to both the local and global economy.
- Foreign Parent Companies: With 34 foreign parent companies, Hastings demonstrates its appeal to international investors.
- Innovation Indicators: The city is home to 62 patent owners, indicating a strong innovation ecosystem.
Conclusion
Hastings displays a robust and diverse economic environment with significant growth in employment and new businesses. The city’s economic health is bolstered by a mix of traditional and emerging sectors, alongside a strong representation of SMEs and scaleups. The gender diversity in leadership positions and the presence of young entrepreneurs underscore a progressive business culture. However, the high number of company cessations suggests a dynamic, yet challenging, business landscape.