Overview
Sevenoaks, a bustling economic hub, showcases a diverse economic landscape. The city’s employment base of 75,160 experienced a growth of 8.69%, indicating robust economic health. Notably, the sectors like professional services, construction, and administrative support dominate the business environment. However, it’s worth noting the absence of IPOs, suggesting a focus on private or smaller-scale enterprises.
Employment and Business Growth
- Total Employees: Sevenoaks has a strong workforce of 75,160 employees. The 8.69% employee growth rate is a positive sign, indicating thriving business activities and potential job opportunities.
- Sector Dynamics: Dominant sectors include professional, scientific, technical activities (16.53%), construction (15.65%), and administrative support (10.99%). This diversification suggests a balanced economic structure.
- Top Sectors with Rising Companies: Sectors like Internet platforms and Software-as-a-Service (SaaS) are emerging, reflecting a trend towards digitalisation and technological innovation.
Business Continuity
- Company Cessations: With a total of 12,789 companies, Sevenoaks saw 966 company cessations, indicating a dynamic business environment with ongoing churn.
- New Companies: The addition of 1,184 new companies over two years showcases the city’s entrepreneurial spirit and a conducive environment for new ventures.
Entrepreneurship and Innovation
- Scaleups: 72 scaleups signify the city’s potential for growing businesses into larger enterprises.
- Startups and SMEs: The presence of 10,016 SMEs underlines the backbone of the city’s economy as small and medium-sized enterprises.
- Innovative Companies: With 147 patent owners and 4 grantees, Sevenoaks demonstrates a modest but significant innovative capacity.
Demographics and Governance
- Gender Representation: Founders’ gender distribution shows 12.95% female and 85.61% male, indicating a gender gap in entrepreneurship. In directorship, 27.86% are female, suggesting slightly better representation in governance.
- Age Distribution of Directors: A significant proportion of directors are in the 50-60 (29.27%) and over 60 (27.80%) age brackets, indicating experienced leadership.
Conclusion
Sevenoaks presents a vibrant and diverse economic landscape with strong growth in employment and a significant number of SMEs. The city shows a tilt towards traditional sectors, with emerging trends in tech-based industries. While there is notable innovation and entrepreneurial activity, efforts could be enhanced in areas like gender diversity in entrepreneurship and fostering more start-ups and scaleups.