Overview
Tonbridge and Malling’s economic landscape is characterised by a vibrant mix of sectors, with significant contributions from professional, scientific, and technical activities, construction, and support service activities. The area boasts a solid employee base of 173,134, with notable employee growth in certain sectors. Despite no new IPOs, the region shows healthy business dynamics, including scaleups, new company formations, and SMEs actively contributing to the economy. The gender diversity in leadership positions and the age distribution of company directors present varied insights into the entrepreneurial ecosystem.
Employment and Business Growth
- Total Employees: 173,134. The significant employee base in Tonbridge and Malling indicates a robust labor market. The region has seen a 5.93% employee growth, reflecting positive economic momentum.
- Employee Growth in Top Sectors: The top sectors contributing to this growth include clean technology, mobile apps, manufacturing, and food and drink processing.
- Top Sectors by Number of Companies: Professional, scientific, and technical activities lead with 2,039 companies (17.28%), followed by construction with 1,589 companies (13.47%) and administrative support services with 1,424 companies (12.07%).
Business Continuity
- Company Cessations: The number of companies ceasing operations stands at 997, which must be viewed in the context of new company formations and overall economic activity.
- New Companies in 2 Years: 2,226 new companies were formed in the last two years, indicating a dynamic entrepreneurial environment.
- Small and Medium Enterprises (SMEs): SMEs, numbering 8,889, form the backbone of the local economy, showcasing the region’s business diversity and resilience.
Business Diversity and Innovation
- Scaleups: The presence of 70 scaleups signals a healthy startup ecosystem transitioning to more mature phases of growth.
- Patent Owners and Fundraisings: With 130 patent owners and 7 fundraisings, there’s evidence of innovation and investment activity, although these figures suggest there’s room for growth in these areas.
Gender and Age Diversity in Leadership
- Founders’ Gender: 18.75% of founders are female, 80% male, and 1.25% unknown. This suggests a gender gap in entrepreneurship that could be addressed for greater diversity.
- Directors’ Gender: 27.69% female and 66.84% male directors, indicating a similar trend in leadership positions.
- Age Distribution of Directors: The age distribution shows a leaning towards more experienced directors, with the highest percentage (31.27%) in the 50-60 age bracket.
Conclusion
Tonbridge and Malling’s economic landscape is robust, with diverse sectors driving employment and business growth. The area shows healthy business dynamics with a substantial number of SMEs and new companies. However, there is an observable gender disparity in entrepreneurship and leadership roles. The region’s innovation indicators, such as patent ownership and fundraisings, though present, suggest potential areas for further development.