Overview
Thurrock’s economic landscape is characterised by a diverse range of sectors, with a notable emphasis on construction, trade, transportation, and administrative services. The area has seen a healthy growth in employment, alongside a dynamic business environment reflected in new company formations and scale-ups. The data indicates a robust and evolving economic scene, marked by contributions from various industries.
Employment and Business Growth
- Total Employees: 45,787. The employment landscape in Thurrock shows a robust figure with a considerable workforce. The 10.29% growth rate in employment is a positive indicator of economic vitality and job creation in the region.
- Employment Growth by Sector: The top sectors contributing to employment growth include Construction, Wholesale and Retail Trade, and Transportation and Storage. This diverse mix of sectors underlines the economic resilience of Thurrock.
Sector Dynamics
- Top Sectors by Company Numbers: Construction (2,580 companies), Wholesale and Retail Trade (1,848 companies), and Transportation and Storage (1,746 companies) lead in terms of company numbers, highlighting these sectors’ dominance in Thurrock’s economy.
- Sectors with Most Growth: The sectors that have shown notable growth are Builders, Automotive, Waste Management Services, Internet Platform, and Business & Professional Services, indicating a dynamic and evolving business landscape.
Company Trends
- Total Companies: Thurrock hosts 13,825 companies, indicating a thriving business environment.
- New Companies in Last 2 Years: 2,507 companies were established in the last two years, showcasing significant entrepreneurial activity.
- Small and Medium Enterprises (SMEs): With 10,250 SMEs, the region’s economy is heavily supported by small and medium-sized businesses.
- Exporters and Foreign Parent Companies: Thurrock is home to 161 exporters and 114 companies with foreign parentage, suggesting a degree of internationalisation in its business ecosystem.
- Fundraising and Patent Ownership: The region witnessed 29 fundraisings and has 2 patent owners, indicating some level of innovation and investment activity.
Business Continuity
- Company Cessations: A total of 1,653 companies ceased operations. This number, in the context of new and existing companies, provides insight into the business survival and turnover rates in Thurrock.
Human Capital and Innovation
- Scaleups and Spinouts: The presence of 71 scaleups signifies a healthy growth trajectory for existing businesses. However, the absence of spinouts suggests limited activity in terms of new, innovative ventures emerging from existing organisations.
- Patent Owners and Grantees: The relatively low number of patent owners (2) and grantees points to a moderate level of innovative activities in Thurrock.
Gender Representation
- Founders’ Gender: Female founders represent 9.375%, while male founders account for 90.625%, showing a significant gender disparity in business founding.
- Directors’ Gender: 27.10% of directors are female, and 68.74% are male, reflecting a gender imbalance in corporate leadership roles.
Conclusion
Thurrock’s economic and business activities present a diverse and growing environment with strengths in construction, trade, and transportation. The robust number of SMEs and new companies reflects a dynamic entrepreneurial spirit. However, the region shows a need for greater gender balance in business leadership and could benefit from more innovation and spinout activities.