Overview
Thanet’s economic landscape reveals a diverse array of sectors with prominent contributions from construction, retail trade, and professional activities. The area has experienced a notable 7.98% growth in employee numbers, reflecting a dynamic business environment. However, there is an absence of IPOs, indicating a potential area for economic expansion.
Employment and Business Growth
- Total Employees: 29,721 employees in Thanet, with a significant increase of 57 businesses raising employee numbers. This suggests a robust job market and growing business confidence.
- Employee Growth: The 7.98% growth in employee numbers indicates a healthy and expanding labor market.
- Sector Dynamics: The top sectors in Thanet are Construction (13.16% of companies), Retail Trade (12.13%), and Professional Services (11.74%). These sectors are likely driving the local economy and employment.
- Top Sectors with Rising Companies: Sectors with rising companies include Healthcare Products and Consumer Goods, showcasing diversification in Thanet’s business landscape.
Business Continuity
- Company Cessations: With 10,005 companies ceased over the period, there’s a notable churn in Thanet’s business ecosystem. This may reflect both market dynamism and challenges in sustaining business operations.
- New Companies: 1,197 new companies in 2 years indicate a vibrant entrepreneurial spirit but also highlight the competitive nature of the market.
- SMEs and Scaleups: 6,309 SMEs and 30 scaleups show a strong foundation of small and medium enterprises, essential for economic resilience.
- Exporters and Foreign Parent Companies: With 128 exporters and 55 companies with foreign parentage, Thanet demonstrates a degree of international business engagement.
Gender Representation
- Founders’ Gender: 9.3% female founders versus 88.37% male founders, with a small percentage unknown. This shows a gender gap in entrepreneurial ventures.
- Directors’ Gender: A more balanced scenario in directorship, with 30.82% female and 66.05% male directors.
- Age Distribution of Directors: A diverse age range, with a notable presence (26.59%) of directors above 60, indicating experienced leadership.
Innovation and Growth
- Patent Owners and Fundraisings: With 4 patent owners and 382 fundraisings, there are indicators of innovation and investment activities.
- Spinouts and Attendance: Zero spinouts and limited attendances (5) suggest areas for potential growth in innovation and networking events.
Conclusion
Thanet’s economic profile is characterised by strong growth in employment and a diverse sector representation, led by construction and retail. The area shows a vibrant startup scene but faces challenges in company sustainability. Gender disparity in entrepreneurship and the underrepresentation of younger directors are areas for future focus. The presence of SMEs and scaleups indicates a resilient economic base, poised for further growth and innovation.