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The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.

Analysis Report: Economic and Business Activity in Worthing

Overview

Worthing, a dynamic economic locale, displays diverse sectoral activities and promising growth patterns. The city’s economic health, marked by its employment figures and company dynamics, reflects a balanced mix of traditional and emerging industries. This report delves into key aspects such as employment, sector trends, company growth, and diversity in leadership, offering a comprehensive view of Worthing’s economic landscape.

Employment and Business Growth

  • Total Employees: Worthing’s workforce numbers 47,465. The notable increase in employment is seen in the rise of employee numbers in 119 companies. This suggests a robust job market and potentially thriving business conditions.
  • Top Sectors: Leading sectors include Professional, Scientific, and Technical Activities (15.78%), Construction (11.71%), and Real Estate Activities (10.09%). These sectors not only dominate in numbers but also indicate the city’s diverse economic base.
  • Employee Growth: The employee growth rate stands at 12.49%, signifying healthy economic expansion and job creation.
  • Scaleups: There are 35 scaleup companies in Worthing, which are businesses showing significant growth in either revenue or employees. This indicates a nurturing environment for growing businesses.

Business Continuity

  • Company Cessations: The data shows a cessation of 767 companies, which could indicate market consolidation or shifts in the economic landscape.
  • New Companies: In the last two years, Worthing has seen the inception of 1,683 new companies, suggesting a vibrant entrepreneurial spirit and a conducive environment for new business ventures.
  • Small and Medium Enterprises (SMEs): With 6,420 SMEs, the city’s economy is heavily supported by small and medium-sized businesses, which are crucial for job creation and economic resilience.
  • Exporters and Foreign Parent Companies: There are 163 exporters and 187 companies with foreign parentage, indicating Worthing’s integration into the global market and its attractiveness to foreign investment.

Diversity in Leadership

  • Founders’ Gender: The gender distribution among founders is 34.69% female and 65.31% male, showing a significant presence of women in entrepreneurial roles.
  • Directors’ Gender: Female directors constitute 28.36% compared to 67.97% male directors. This highlights gender diversity in leadership, though there’s room for greater balance.
  • Age Distribution of Directors: Directors aged 50-60 years (28.67%) and those above 60 (26.98%) form the majority, indicating experienced leadership at the helm of Worthing’s businesses.

Conclusion

Worthing’s economic and business activity presents a landscape of growth, diversity, and resilience. The robust increase in employment, thriving SMEs, and new company formations underscore the city’s economic health. However, challenges such as company cessations and gender disparity in leadership positions also emerge. Overall, Worthing demonstrates a promising economic environment with opportunities for further development and inclusivity.

The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.