Overview
Lambeth, a dynamic and diverse borough, exhibits a vibrant economic landscape. With a total of 344,200 employees and a significant presence of companies in sectors like professional, scientific, technical activities, and retail trade, Lambeth’s economy reflects both diversity and specialisation. The rise in employment, alongside a noteworthy number of new companies and scaleups, points to a robust and evolving economic environment.
Employment and Business Growth
- Total Employees: 344,200. Lambeth’s workforce is substantial, indicating a strong employment base. The 14.26% employee growth rate suggests a rapidly expanding job market, likely driven by new businesses and sector expansions.
- Employee Raisers: 2,970 companies. This represents businesses that have increased their workforce, a positive sign of business health and expansion in the borough.
- Top Sectors by Company Count: Professional, scientific and technical activities lead (4,274 companies), followed by retail trade/repair (3,324) and information and communication (2,960). This diversity shows Lambeth’s capacity to support a range of industries.
- Top Sectors by Growth: Sectors like Internet platforms, mobile apps, and SaaS show significant growth. These emerging tech sectors, although smaller in number, are critical for future economic resilience and innovation.
Business Dynamics
- Number of IPOs: 0. This indicates a focus on private or smaller-scale business ventures rather than public companies.
- Number of Scaleups: 124. These are high-growth businesses that significantly contribute to economic dynamism and job creation.
- New Companies (Last 2 Years): 4,395, showcasing a vibrant entrepreneurial environment and business creation activity.
- SMEs: 19,172, forming the backbone of Lambeth’s economy by providing diverse services and employment.
Business Continuity
- Company Cessations: 3,663, which is a natural part of the business lifecycle, but it also highlights the competitive nature of the borough’s business landscape.
Diversity and Innovation
- Founders Gender: 18% female, 80.35% male, reflecting a gender gap in entrepreneurship that warrants attention.
- Directors Gender: 29.70% female, 64.47% male, indicating a similar gender disparity in leadership roles.
- Young Directors in Young Companies: 1,716, suggesting a significant presence of young entrepreneurship and leadership.
- Patent Owners: 23, a modest number but indicative of some degree of innovation within the local economy.
- Exporters and Foreign Parent Companies: 374 exporters and 641 companies with foreign parentage, reflecting international business ties and export-oriented businesses.
Conclusion
Lambeth’s economy is characterised by robust employment growth, a thriving small and medium-sized enterprise (SME) sector, and a diverse industrial base. While traditional sectors like retail and professional services dominate, emerging tech sectors are showing promising growth. The gender gap in entrepreneurship and leadership remains a challenge. Overall, Lambeth presents a dynamic and evolving economic landscape with opportunities for further growth and innovation.