Overview
Stevenage’s business landscape is marked by a robust and diverse economic structure. With a total of 123,757 employees, the city has seen a notable growth in employment. Key sectors like professional services, construction, and real estate dominate the local economy, contributing significantly to its dynamism. Despite no recent IPOs, the city’s 5.94% employee growth rate and presence of 45 scale-ups indicate a fertile ground for business expansion. A notable feature is the gender disparity in business leadership, with a higher proportion of male founders and directors. The data also reflects a promising trend in new company formations and sector diversification, underlining Stevenage’s evolving economic landscape.
Employment and Business Growth
- Total Employees: 123,757. The significant employee base in Stevenage reflects a strong job market, with an impressive growth rate of 5.94%. This suggests robust economic activity and opportunities for employment.
- Employee Growth: The employment growth rate of 5.94% is indicative of a healthy, expanding economy. This growth is likely driven by the emergence of new businesses and the expansion of existing ones.
- Scale-ups: The presence of 45 scale-ups demonstrates an environment conducive to business growth and development, indicating a thriving entrepreneurial ecosystem.
Sector Analysis
- Top Sectors: Key sectors include professional services, construction, real estate, and wholesale/retail trade. These sectors not only employ a significant portion of the workforce but also contribute to the city’s economic stability and growth.
- Sector Dynamics: The diversity in top sectors highlights Stevenage’s economic resilience. The professional and technical activities sector, leading with 1,018 companies, is a major driver of innovation and skilled employment.
Business Continuity
- Company Cessations: The data does not specify the number of company cessations, but the high number of new companies (1,894 in the last 2 years) suggests a dynamic market with ongoing business churn.
- New Companies: With 1,066 new SMEs, Stevenage is fostering a strong small and medium enterprise sector, vital for economic diversification and resilience.
Leadership and Ownership
- Gender Disparity in Leadership: The city shows a gender gap in business leadership, with 90.625% male founders and 69.509% male directors. This indicates a need for more inclusive leadership representation.
- Young Directors: The presence of young directors (approximately 25% under 40) in companies signifies an emerging generation of business leaders.
Conclusion
Stevenage’s economy is characterised by a diverse and growing business landscape. The strength in professional services, construction, and real estate sectors anchors the city’s economic stability. The high rate of new SMEs and scale-ups reflects a dynamic and entrepreneurial environment. However, there is a notable gender disparity in leadership roles. The presence of young directors and an evolving sector profile suggest a progressive shift in the city’s economic fabric.