Overview
Westminster, a bustling city known for its economic vitality, exhibits a diverse and dynamic business environment. With a total of 3,154,551 employees, the city has witnessed significant growth in various sectors. The report delves into Westminster’s economic and business activities, focusing on employment growth, sector dynamics, company trends, and more, providing a comprehensive view of its economic health.
Employment and Business Growth
- Total Employees: Westminster employs 3,154,551 individuals. This high employment rate reflects the city’s robust economy and diverse job market. The city has recently seen a notable increase in employment, with 36,293 new positions created. This 17.83% growth indicates a thriving job market, likely driven by the city’s expanding sectors and new business initiatives.
- Top Sectors with Growth: The sectors experiencing significant growth include Internet platforms, Software-as-a-Service (SaaS), analytics, mobile apps, and business banking services. These sectors represent the city’s adaptation to modern technological trends and its role as a hub for innovation.
Sector Dynamics
- Top Sectors by Company Numbers: The leading sectors in Westminster are:
- Professional, scientific, and technical activities (16.42% of companies)
- Administrative and support service activities (12.51%)
- Information and communication (11.02%)
- Real estate activities (10.39%)
- Wholesale and retail trade/repair of motor vehicles and motorcycles (9.84%)
- Financial and insurance activities (9.5%) These sectors highlight Westminster’s diverse economic landscape, indicating a balance between traditional industries and emerging fields.
Business Continuity
- Company Cessations: There have been 15,910 company cessations in Westminster. This figure, while significant, must be contextualised within the city’s large number of businesses and dynamic economic activity. The cessation rate could reflect both the competitive nature of the business environment and the normal lifecycle of companies.
- New Companies: In the last two years, 21,816 new companies have been established, showcasing the city’s entrepreneurial spirit and its attractiveness to new businesses.
Additional Insights
- Scale-ups: Westminster has 1,145 scale-up companies, indicating a healthy environment for business growth and expansion.
- SMEs and Exporters: The city supports 88,601 SMEs and 3,412 exporters, contributing to its economic diversity and international trade.
- Patents and Fundraising: With 10,018 patent owners and 713 fundraisings, Westminster is a center for innovation and investment.
Diversity in Leadership
- Founders’ Gender: 15.87% female founders and 81.73% male founders, reflecting a gender gap in entrepreneurship.
- Directors’ Gender: 19.56% female directors versus 70.71% male directors, indicating a similar trend in corporate leadership.
Conclusion
Westminster’s economic landscape is characterised by robust employment growth, a diverse sectoral composition, and a vibrant entrepreneurial ecosystem. Despite challenges like company cessations and gender disparities in leadership, the city remains a dynamic center for business and innovation.