Overview
St Albans presents a dynamic economic landscape, marked by a diverse range of sectors contributing to its overall economic health. The city’s employment landscape is characterised by a substantial number of employees, with notable growth in various sectors. The professional, scientific, and technical activities sector leads in company presence, followed by information and communication, and construction. There’s a noteworthy presence of sectors with rapid growth, such as Internet platforms and analytics. However, the absence of IPOs signals a potential area for economic development.
Employment and Business Growth
- Total Employees: St Albans employs 72,030 people. The employee base has experienced a growth of 6.69%, indicating a healthy job market and potential business expansion.
- Employment Growth Sectors: The top sectors by number of companies are professional, scientific, and technical activities (3,288 companies), information and communication (2,130 companies), and construction (1,627 companies). The growth in these sectors suggests a diversification of the local economy.
- Company Dynamics: The city has 84 scaleups and 15,874 total companies, including 1,696 new companies in the last two years. This reflects a robust entrepreneurial environment and business dynamism.
Sector Analysis
- Top Sectors: The leading sectors based on the number of companies are diverse, with professional and technical activities leading at 20.71%, followed by information and communication (13.42%), and construction (10.25%).
- Rising Sectors: Notably rising sectors include Internet platforms, analytics and insight tools, and SaaS, indicating a shift towards technology-oriented businesses.
Business Continuity
- Company Cessations: The data indicates 1,568 company closures, which could be a point of concern for business continuity and economic stability in the region.
Diversity and Innovation
- Gender Diversity: In terms of founders’ gender, 18.34% are female, and 79.48% are male. For directors, 26.22% are female, and 65.69% are male. These figures highlight a gender gap in leadership positions.
- Innovation Indicators: The city hosts 733 patent owners and 7 grantees, underlining a solid base for innovation and intellectual property development.
Conclusion
St Albans exhibits a vibrant and diverse economic environment with strong growth in employment and various sectors. The predominance of professional and technical activities, alongside emerging tech sectors, positions the city as a hub for innovative industries. However, the gender gap in leadership roles and the absence of IPOs are areas that warrant attention for future economic development.