Overview
Waltham Forest, a dynamic urban area, exhibits a diverse economic landscape characterised by notable strengths in sectors such as wholesale, retail trade, construction, and professional activities. With a total of 54,382 employees and a vibrant business environment, the area shows signs of growth and diversification. However, challenges such as gender disparity in leadership roles and the absence of recent IPOs suggest areas for improvement.
Employment and Business Growth
- Total Employees: 54,382. The employee base in Waltham Forest is substantial, indicating a robust workforce. The 8.83% employee growth rate is a positive indicator of economic vitality.
- Employee Growth Rate: 8.83%. This rate is indicative of a healthy, expanding job market, likely driven by the growth in key sectors.
- Sectors with Highest Employment: The dominant sectors are wholesale and retail trade, construction, and professional activities, each contributing significantly to the employment landscape.
- Sectors Showing Growth: Notably, sectors like food and drink processors and e-commerce are on the rise, reflecting modern consumer trends and technological advancements.
Business Continuity
- Company Cessations: There were 3,545 company cessations in the past year. This figure, while indicative of business closures, also reflects the dynamic nature of the market, where new opportunities constantly emerge.
- New Companies (2 Years): 8,833 new companies were established in the last two years, showcasing a robust entrepreneurial spirit and a conducive environment for startups.
- Scaleups: 57 businesses are identified as scaleups, demonstrating significant growth potential within the local economy.
Sector Analysis
- Top Sectors by Company Count: The leading sectors include wholesale and retail trade, construction, and professional, scientific, and technical activities. These sectors form the backbone of Waltham Forest’s economy.
- Emerging Sectors: Emerging sectors such as mobile apps and personal healthcare services, although small in number, indicate a shift towards technology and personalised services.
Leadership and Innovation
- Gender Disparity in Leadership: There’s a notable gender gap in leadership, with 20.5% female founders and 24.8% female directors, highlighting the need for more inclusive leadership development.
- Patent Owners and Fundraisings: With 60 patent owners and 23 fundraisings, the area shows a moderate level of innovation and investment activities.
Conclusion
Waltham Forest’s economic landscape is characterised by a strong employment base, diverse sectoral activity, and burgeoning entrepreneurial spirit. While the growth in modern sectors like e-commerce and mobile apps is encouraging, the gender disparity in leadership positions and the absence of recent IPOs indicate areas for future development. Overall, the economic health of Waltham Forest is robust, with opportunities for further growth and diversification.