Overview
Richmond upon Thames, a vibrant borough in London, showcases a diverse economic landscape. With 95,507 employees, it’s home to a thriving professional, scientific, and technical sector, alongside significant activities in information and communication, and real estate. The borough has seen a positive trajectory in employment and business growth, reflected in various economic indicators.
Employment and Business Growth
- Total Employees: Richmond upon Thames employs 95,507 individuals. The borough has experienced a substantial increase in employment, with 1,116 companies reporting growth. This suggests a robust and expanding job market.
- Employee Growth Rate: The employee growth percentage stands at 8.2%, indicating a healthy, growing workforce.
- Top Sectors by Company Count: The leading sectors are professional, scientific, and technical activities (21.75%), information and communication (13.3%), and real estate activities (11.46%). These sectors are pivotal to the borough’s economic dynamics.
- Top Sectors by Growth: Notably, sectors such as Internet platforms, analytics, SaaS, and mobile apps are emerging as significant growth areas, reflecting a shift towards a more technology-oriented economy.
Business Continuity
- Company Cessations: There have been 2,315 company cessations, suggesting a dynamic but challenging business environment.
- New Companies in Last 2 Years: With 4,049 new companies in the past two years, there’s a clear trend of entrepreneurial spirit and business creation.
Diversity and Innovation
- Founder and Director Gender Balance: Founders are 22.19% female and 76.25% male, indicating a gender gap in entrepreneurship. Directorship sees a slightly better gender balance, with 30.68% female and 64.38% male directors.
- Young Companies with Young Directors: 505 companies have young directors, showing a trend towards youth-led entrepreneurship.
- Innovation Indicators: The presence of 242 patent owners and 17 grantees reflects an environment conducive to innovation.
Sector-Specific Analysis
- Real Estate Activities: A key sector, contributing significantly to the local economy.
- Information and Communication: This sector’s growth aligns with global trends towards digitalisation.
Conclusion
Richmond upon Thames presents a dynamic economic landscape with a strong focus on professional services, technology, and innovation. The growth in employment, the surge in new companies, and the vibrancy in sectors like information and communication highlight the borough’s economic resilience and potential for future growth.