King’s Lynn and West Norfolk present a dynamic economic landscape. The area boasts a total of 30,237 employees, indicating a robust employment environment. Construction, wholesale/retail trade, and professional activities are the dominant sectors. Notably, there are no recent IPOs, but the region shows a healthy 12.13% growth in employee numbers, suggesting a burgeoning business climate. The presence of 41 scaleups and a substantial number of SMEs and exporters highlights the entrepreneurial spirit and global reach of local businesses.
Employment and Business Growth
- Total Employees: 30,237. This number shows the robustness of the employment market in King’s Lynn and West Norfolk. The employee growth rate of 12.13% is a positive indicator of economic vitality and business expansion in the region.
- Top Sectors with Rising Employment: The top sectors include Construction, Wholesale/Retail Trade, and Professional Activities, reflecting a diverse and thriving economic base. The rise in employment across these sectors suggests a balanced and growing economy.
- Top Sectors by Number of Companies: Construction leads with 1,071 companies, followed by Wholesale/Retail Trade (843 companies), and Professional, Scientific & Technical Activities (826 companies). This diversity showcases a strong foundation in traditional industries while embracing professional services.
- Sectors with Most Growth: The sectors experiencing notable growth are Food and Drink Processors, Distribution, Other Retail, Energy Reduction Technology, and Online Publishing. These growing sectors indicate an evolving economic landscape, adapting to contemporary market demands and technological advancements.
- Company Cessations: King’s Lynn and West Norfolk have seen a total of 574 company cessations, a figure that, while significant, needs to be viewed in the context of the total number of companies and the dynamic nature of the business environment.
- New Companies (Last 2 Years): The region saw 1,368 new companies in the past two years, highlighting a vibrant entrepreneurial ecosystem and a promising environment for new business ventures.
The economic landscape of King’s Lynn and West Norfolk is marked by a strong employment base, diverse sector dynamics, and a significant number of new companies. The region shows resilience and adaptability, with a particular emphasis on construction, retail trade, and professional services. Despite the lack of IPOs, the area demonstrates substantial business growth and potential, underlined by the rise in employee numbers and the presence of numerous scaleups and SMEs.