Overview
Kingston upon Hull, a city known for its vibrant economic landscape, showcases diverse business activities across various sectors. With a total of 99,517 employees, the city’s employment scene is robust. The data reveals significant sectoral diversification, with leading industries like wholesale, retail trade, construction, and technical activities. This report delves into the intricacies of Hull’s economic and business activities, analysing trends in employment, business growth, and sector dynamics.
Employment and Business Growth
- Total Employees: 99,517. The employment scenario in Hull demonstrates a healthy labor market, with a significant workforce engaged across various sectors.
- Employee Growth: 13.78% growth. This indicates a dynamic job market, likely driven by the city’s evolving economic landscape and investment in key sectors.
- Top Sectors by Employment: Wholesale/Retail Trade and Repair of Motor Vehicles (15.85%), Construction (14.5%), Professional, Scientific, and Technical Activities (10.76%). These sectors are pivotal in driving employment and economic activities in the city.
- Top Sectors Showing Growth: Management Consultancy Services, Toys/Games/Sports Equipment, Business Architectural Services, Waste Management Services, Other Media. These emerging sectors suggest diversification and innovation within the local economy.
Business Continuity
- Company Cessations: 1,376. This number indicates the companies that ceased operations, reflecting the competitive and dynamic nature of the business environment.
- New Companies (2 years): 2,226. This high number of new companies highlights the city’s entrepreneurial spirit and conducive environment for business startups.
- Scale-ups: 73. Scale-ups are growing businesses that show potential for significant economic impact, indicating a healthy and nurturing business environment.
Sector Dynamics
- Number of Companies: 11,657. The city’s diverse business landscape is reflected in the substantial number of companies operating across various sectors.
- SMEs: 7,534. Small and medium enterprises (SMEs) form the backbone of Hull’s economy, driving innovation and employment.
- Exporters: 307. These companies contribute significantly to the city’s economy through international trade.
- Companies with Foreign Parentage: 312. This indicates Hull’s global business integration and attractiveness to foreign investment.
Company Trends and Innovation
- Patent Owners: 260. A healthy number of patent owners suggest a strong focus on innovation and research within the city.
- Grant Recipients: 4. This number, although modest, indicates ongoing research and development activities funded by grants.
Diversity in Leadership
- Founders’ Gender: 16.39% female, 80.33% male. While there’s a significant male dominance, the presence of female founders is noteworthy.
- Directors’ Gender: 24.16% female, 72.61% male. Similar to founders, there’s a gender gap in directorship, yet a considerable female representation.
- Age Distribution of Directors: The data shows a diverse age range among company directors, suggesting a blend of experience and youthful dynamism in leadership.
Innovation and Entrepreneurship
- IPOs: 0. No recent Initial Public Offerings may indicate a focus on private investment or a stage of growth not yet conducive to public markets.
- Young Companies with Young Directors: 856. This reflects a vibrant startup culture with young entrepreneurs at the helm.
Conclusion
Kingston upon Hull presents a dynamic and diverse economic environment. The city’s strengths lie in its significant employment opportunities, especially in key sectors like wholesale, retail trade, and construction. The rise in new companies and scale-ups indicates a promising future for business growth. Despite challenges like company cessations, the overall economic health is buoyed by SMEs, exporters, and innovative ventures. Gender diversity in leadership roles shows progress yet highlights the need for more inclusivity. In summary, Hull’s economic landscape is characterised by a robust workforce, sectoral diversity, and a nurturing environment for entrepreneurship and innovation.