Overview
Woking, a dynamic economic hub, presents a diverse business landscape with significant activities in professional, scientific, technical, information, communication, and administrative sectors. The city’s economic vitality is evident through its robust employment figures, vibrant entrepreneurial spirit, and a balanced mix of young and experienced company leadership. Woking’s economic health is further bolstered by its strong SME presence, indicating a fertile ground for business growth and innovation.
Employment and Business Growth
- Total Employees: 82,234. Woking has a substantial workforce, showcasing the city’s capability to sustain and grow a diverse range of businesses.
- Employee Growth Rate: The city witnessed an 8.63% increase in employment, indicating robust economic health and potential for future job creation.
- Number of Companies with Employment Growth: 194 companies in Woking have reported an increase in employee numbers, reflecting a positive business expansion trend.
- Number of Scale-ups: There are 49 scale-up companies, representing businesses that have shown significant growth in revenue or employees.
- Top Growing Sectors: Sectors like Software-as-a-Service (SaaS), Internet platforms, and business banking show notable growth, signaling a trend towards digital and financial services expansion.
Sector Dynamics
- Dominant Sectors: The leading sectors in Woking are professional, scientific and technical activities, information and communication, and administrative services. These sectors collectively form a substantial portion of the business landscape.
- Sector Distribution: The diversity of sectors, from wholesale and retail trade to health and social work, indicates a well-rounded and resilient economic structure.
Business Continuity
- Company Cessations: Woking saw 833 companies ceasing operations, a figure that needs to be contextualised against the backdrop of new business formation and overall economic activity.
- New Companies: The city has welcomed 1,040 new companies in the past two years, highlighting a dynamic and evolving business environment.
Entrepreneurship and Innovation
- Patent Owners and Grantees: With 1458 patent owners and 6 grantees, Woking demonstrates a strong orientation towards innovation and intellectual property.
- New Company Formation: The creation of 1,871 new companies over the last two years underscores a thriving entrepreneurial ecosystem.
Diversity in Leadership
- Gender Representation in Founders and Directors: 16.35% of founders are female, 81.73% male, showing a gender gap in entrepreneurship. In directorship roles, 26.41% are female, and 69.30% male, indicating a similar trend in corporate leadership.
Conclusion
Woking’s economy is marked by a robust and diverse sector presence, significant employment growth, and a vibrant culture of innovation and entrepreneurship. While there is a notable gender gap in business leadership, the overall economic indicators are positive, suggesting a healthy and growing economic environment.