Overview
Redbridge’s economic landscape is characterised by a significant presence in sectors such as wholesale and retail trade, real estate, and construction. With 88,618 employees and a 10.21% growth in employment, the region shows dynamic business activities. Key sectors demonstrating growth include analytics, internet platforms, and mobile apps. However, no IPOs were recorded, indicating a potential area for future growth. The data suggests a robust SME presence and a significant number of new companies, highlighting entrepreneurial activity. Gender diversity among founders and directors shows room for improvement, with male dominance in both roles.
Employment and Business Growth
- Total Employees: 88,618 – The region shows a healthy employment rate with a significant 10.21% growth, reflecting a dynamic job market and potential for further economic development.
Sector Dynamics
- Top Sectors: Wholesale/retail trade (16.92%), Real estate (14.43%), and Construction (13.73%) are dominant sectors, showcasing a diverse economic base. Emerging sectors include analytics and internet platforms.
- Sector Growth Leaders: Notable growth in ‘Analytics, insight, tools’, and ‘Mobile apps’ sectors, indicating a trend towards digitalisation and technological advancement in the region.
Company Trends
- Total Companies: 42,914 – A large number of companies, with a notable addition of 7,983 new companies in the last two years, underscores a vibrant entrepreneurial ecosystem.
- New Companies (2 Years): 13,625 – This high number of new companies suggests a robust start-up culture and economic dynamism.
- Small and Medium Enterprises (SMEs): 31,212 – SMEs form the backbone of the local economy, indicating a healthy business environment conducive to growth.
Business Continuity
- Company Cessations: 5,154 – While there are a significant number of company cessations, this needs to be viewed in the context of the high number of new companies and overall company count.
Conclusion
Redbridge presents a vibrant and diverse economic landscape with strong sectors in trade, real estate, and construction. The rise in employment and the influx of new companies reflect a dynamic business environment. However, challenges such as gender diversity in leadership and the absence of IPOs need attention. The region’s economic health is robust, with potential for growth in emerging tech sectors.