Overview
Maidstone’s economic landscape is characterised by a diverse array of sectors, with a significant presence in construction, professional services, and retail trade. The city shows a healthy pattern of business growth and employment, with notable gender diversity in founding and director roles. However, the absence of IPOs and a limited number of scaleups suggest areas for potential development.
Employment and Business Growth
- Total Employees: 64,631. Maidstone’s employment scenario is robust, with a total of 64,631 employees. This workforce supports a variety of sectors, contributing to the city’s economic stability.
- Employee Growth Rate: 8.11%. The city experienced a notable employee growth rate of 8.11%, indicating an expanding job market and possibly a thriving local economy.
- Sectors with Most Employees: Construction (14.81%), Professional Services (14.48%), Retail Trade (13.11%). These sectors are the backbone of Maidstone’s economy, contributing significantly to employment and economic activities.
- Rising Sectors: Other software, Personal trainers, IT consultancy, Website hosting, Customer support services. These sectors, though smaller in scale, show potential for future growth.
Business Continuity
- Company Cessations: 1,473. While a certain number of company cessations is normal, this figure needs to be balanced against new company formations and scaleups to gauge the overall business health.
- New Companies (Last 2 Years): 3,019. The formation of 3,019 new companies in the last two years is a positive indicator of entrepreneurial activity and economic dynamism in Maidstone.
- Scaleups: 78. The presence of 78 scaleups reflects a nurturing environment for business growth, although there’s room for improvement in this area.
- Small and Medium Enterprises (SMEs): 10,362. SMEs form the bulk of Maidstone’s business landscape, indicative of a vibrant, diverse economic base.
Gender and Age Dynamics in Leadership
- Founders’ Gender: 23.66% female, 76.34% male. While male founders dominate, a significant 23.66% of female founders indicates healthy gender diversity in business initiation.
- Directors’ Gender: 26.96% female, 69.40% male. Similar to founders, there is a considerable representation of women in director roles.
- Age Distribution of Directors: The data shows a balanced distribution across different age groups, with a notable presence of directors in the 40-60 age range. This diversity in age indicates a mix of experience and fresh perspectives in business leadership.
Innovation and International Presence
- Patent Owners: 87. The presence of 87 patent owners suggests a focus on innovation and intellectual property in Maidstone’s business community.
- Exporters: 242. This number represents the city’s engagement in international trade, contributing to the local economy’s resilience and growth.
- Companies with Foreign Parentage: 173. The presence of companies with foreign parentage indicates Maidstone’s integration into the global business network.
Conclusion
Maidstone’s economic and business activities show a thriving and diverse environment with strong employment growth, a mix of established and emerging sectors, and a commendable gender balance in business leadership. While there are areas for improvement, such as increasing the number of scaleups and fostering more innovation-driven businesses, the overall picture is one of a robust and dynamic economy.