Overview
Medway’s economic landscape is characterised by a diverse range of sectors, with a particular strength in Construction, Wholesale and Retail Trade, and Professional Services. The total number of employees in the region stands at 108,375, with a significant number of businesses active in various sectors. The area has shown a positive trend in employment and business growth, although there are areas such as IPOs and scale-ups where activity seems limited.
Employment and Business Growth
- Total Employees: Medway has 108,375 employees. Notably, there has been a 6.94% growth in employment, suggesting a thriving job market.
- Employment Growth: The increase of 641 employees across sectors indicates a dynamic and expanding workforce.
- Top Sectors: Construction (18.49%), Wholesale/Retail Trade (12.44%), and Professional Services (11.84%) dominate the business landscape, reflecting a balanced mix of traditional and service-based industries.
- Sectors with Rising Companies: Automotive, Waste Management Services, Car Showrooms, Building Materials, and Business/Professional Services are emerging sectors, although the number of companies in each is currently small.
- Scaleups: Medway has 93 scaleups, indicating a healthy environment for business expansion.
Business Continuity
- Company Cessations: There is no specific data on company cessations, but 2,722 new companies have emerged over the past two years, indicating a vibrant startup scene.
- Company Trends: With 17,558 total companies, and 4,937 new companies in the last two years, there is evident entrepreneurial activity.
- SME Dynamics: A substantial portion of the businesses (13,202) are SMEs, highlighting the region’s reliance on small and medium-sized enterprises.
- Export and International Presence: There are 247 exporters and 134 companies with foreign parentage, indicating a degree of international business engagement.
- Innovation and Funding: Medway shows signs of innovation with 94 patent owners and 1 grantee, although this area seems relatively underdeveloped.
Gender and Age Dynamics in Leadership
- Founders’ Gender: A stark gender imbalance is seen with 98.48% male founders and only 1.52% female founders.
- Directors’ Gender: There is a more balanced but still male-dominated scene among directors with 68.58% male and 27.06% female.
- Age of Directors: A diverse age range among directors, with the largest groups being those between 40-60 years.
Conclusion
Medway’s economic landscape is dynamic, with strong traditional sectors and emerging industries. The employment growth is healthy, and the SME sector is particularly vibrant. However, areas like innovation, gender balance in entrepreneurship, and international IPOs offer room for improvement. The diversity in directors’ age suggests a mix of experience and new perspectives in business leadership.