Overview
Southwark presents a dynamic economic landscape with a diverse range of sectors contributing to its overall economic health. The borough has a substantial workforce of 718,372 employees, with notable growth in key sectors. The dominance of professional, scientific, and technical activities, coupled with significant contributions from the information and communication sector, underscores Southwark’s position as a hub for innovative and knowledge-based industries. This report delves into various aspects of Southwark’s economic activities, analysing trends in employment, business growth, and sector dynamics.
Employment and Business Growth
- Total Employees: Southwark employs 718,372 individuals. The recent growth in employees, notably in sectors like software-as-a-service and mobile apps, highlights a robust and evolving job market.
- Employee Growth Rate: The borough has seen a significant employee growth rate of 75.31%, indicating a thriving employment landscape.
- Number of Companies: There are 38,032 companies in Southwark, with 11,887 new companies established in the last two years. This reflects a healthy entrepreneurial environment and business expansion.
- Top Sectors: The leading sectors are diverse, with professional, scientific, and technical activities leading (6,948 companies), followed by information and communication (5,280 companies), and wholesale/retail trade (5,143 companies).
Business Continuity
- Company Cessations: Southwark witnessed 4,637 company cessations, which points to a competitive and challenging business environment.
- Scale-Ups: The presence of 307 scale-ups indicates a supportive ecosystem for business growth and development.
- SMEs and Exporters: With 22,696 SMEs and 669 exporters, the borough demonstrates a strong backbone of small and medium-sized businesses with a global outreach.
Gender Representation
- Founders Gender: 14.87% female founders and 83.34% male founders suggest a gender gap in entrepreneurial ventures.
- Directors Gender: The percentage of female directors stands at 25.18%, compared to 65.91% male directors, showing a similar gender disparity in leadership roles.
Innovation and Development
- Patent Owners and Grantees: With 1,800 patent owners and 52 grantees, Southwark is a significant player in innovation and intellectual property.
- Fundraisings: 208 fundraisings indicate a vibrant investment climate, crucial for nurturing innovation and business growth.
Conclusion
Southwark’s economic profile is characterised by a robust workforce, a flourishing range of sectors, and an environment conducive to business growth and innovation. While the borough shows promise in various economic aspects, challenges such as company cessations and gender disparities in entrepreneurship and leadership need attention. The presence of a substantial number of SMEs and exporters highlights Southwark’s potential as a key player in both the local and global economy.