Hertfordshire and Essex – thriving business hubs

When producing our Private Wealth Guide, we always enjoy the opportunity to discover more about Essex and Hertfordshire’s thriving business environments – and this year is no exception. Recent data highlights that these two counties continue to play a vital role in the UK’s economic landscape, thanks to their growing business communities and ongoing resilience.

Hertfordshire continues to flourish

Hertfordshire has had a prosperous business community for some time now. While this is partly due to its proximity to London, Hertfordshire Limited 2024 highlights that the county is much more than just its transport links to other places. In fact, between January 2023-24, Hertfordshire’s privately-owned businesses generated an impressive annual turnover of £13.2 billion – up 22% on the previous year. The Business Support Services sector led this growth, with 31 companies contributing a substantial £3.4 billion, followed closely by the Property and Construction sector, which generated £3.2 billion. Among the standout performers was Lamex Food Group, which Grant Thornton named as the county’s top business in 2024. Lamex is one of the world’s largest privately owned importers and exporters of chilled and frozen food; with its headquarters in Broxbourne, it demonstrates Hertfordshire’s capacity to have global business reach.

Additionally, the county’s resilience is demonstrated in Hertfordshire Futures’ Economy Report. Despite the UK’s overall business population declining by 0.1% in 2024, Hertfordshire defied the trend with a 0.5% increase in businesses. Growth was particularly evident in Stevenage, Hertsmere, Watford, and Three Rivers.

Essex – a key driver of economic growth

Essex continues to be a significant contributor to the UK’s economy, as highlighted in Greater Essex Trends 2024, a report produced by Essex County Council. The county is home to 81,000 businesses and over 700,000 employees, generating an annual economic output of £44.8 billion—comparable in scale to that of Northern Ireland. Basildon and Chelmsford have been key drivers of this economic success.

Looking ahead, Essex’s business landscape is set for even greater expansion. The county has the potential to create an additional 50,000 jobs by 2030, thanks to sectors such as digitech, life sciences, and clean energy. Essex’s location and strong infrastructure make it an ideal place for businesses to flourish, so it could play a key part in the future growth of the UK economy.

Stay updated with our private wealth content

We look forward to keeping up with the success of Hertfordshire and Essex businesses in future editions of the Private Wealth Guide. In the meantime, you can read our latest Guide to find out more about why these two counties are such excellent homes for local businesses.  Or, follow us on social media, where we publish all our private wealth content using the hashtag #PrivateWealthGuide.