Factors That Impact The Growth Of Industries In Hampshire

Which factors prompt the growth of diverse business sectors at a particular location

? Hampshire has experienced a steady growth in different business domains; analysing the situation helps in finding the reasons this location is favoured by numerous businesses. Understanding these details is essential for determining whether it would suit the specific needs of your business. The chief business sectors of the place include land-based industries, defence and aerospace industry, financial and business services, advanced engineering, and such others. To assess the opportunity this location offers, it is important to get an idea about some relevant details.

Penchant for Innovation: Whether it is past inventions or modern developments, adequate advancement in diverse fields is essential for growth of businesses. Be it marine industryor advanced engineering, science and health or transport and logistics, the academic and scientific infrastructure and support available for different business sectors at the location have a positive impact on the economy. The huge turnover of the chief industries provides impetus for the growth and development of the sub-sectors too. For example, the turnover of the marine industry UK is approximately 37bn, 40% of which centres in the Solent Region, Hampshire.

Suitable Infrastructural Support: Road, rail, air and sea connections make this location a well-connected one in the region. While the TAG Farnborough Airport is known for its modern and efficient operations, the BAAs Southampton Airport is important for catering to approximately 800,000 passengers yearly. The ferry port at Portsmouth and the cargo Port at Southampton are also essential links in the transport network of this place. The academic infrastructure of the place is also conducive to development, and is another determinant in the success of different business sectors.

Business Base of Repute: European as well as international companies has found a base for business operations in Hampshire. Corporate giants including BAE Systems Ltd, Lucite International Ltd, GE Aviation Systems, Siemens Roke Manor, SELEX Galileo, and many others have a base at this location. The bigger companies have a twofold role; they contribute to the development of the industries as well as attract the smaller and newer ventures in diverse sectors. The location not only accommodates the influx of new businesses, it is prepared to integrate future developments in the various industrial sectors as well.

Knowledgeable and Skilled Workforce: With the availability of educated and proficient workforce, finding employees is no difficult task for different businesses. The University of Southampton, the Southampton Solent University, and other academic and research facilities at the location make it easier to find professionals from the resource pool. It would not be easy to expand a business without skilled professionals at work. Every industrial sector employs a considerable number of people. For example, the aerospace and defence industry employs approximately 6,000 professionals. The ever expanding career opportunities also draw skilled professionals from diverse fields to this location.

Different factors contribute to the growth of different industries and their sub-sectors at this specific location. Consider these when deciding whether this location would be suitable for your business. Opportunities are available; however, making use of them depends on the specific business planning you have.

by: Steven Hayes

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