Overview
Armagh City, Banbridge and Craigavon showcase a dynamic economic landscape with a notable presence in sectors like wholesale, retail trade, and construction. The region employs 78,952 individuals, indicating a healthy employment scenario. The region’s diversity in sectors, from professional activities to manufacturing, reflects a balanced economic structure. Notably, there’s a significant presence of young directors, implying a youthful entrepreneurial spirit.
Employment and Business Growth
- Total Employees: 78,952. The region has witnessed an employee growth rate of approximately 10.17%, showcasing robust economic development. The presence of 65 scaleups indicates a fertile ground for growing businesses.
- Top Sectors by Company Count: Wholesale and retail trade (1,253 companies, 16.25%), Construction (1,106 companies, 14.34%), and Professional activities (728 companies, 9.44%) are the leading sectors. This diversity underlines a resilient and multi-faceted economic base.
- Sectors with Most Growth: Fashion and Apparel and Jewellery, though small in number, indicate emerging niche markets.
Business Continuity
- Company Cessations: The data indicates 5295 company cessations, which may reflect on business challenges or economic shifts in the region.
- New Companies (2 Years): 908 new companies in the last two years show a steady influx of new business ventures, reinforcing the region’s economic vitality.
Entrepreneurship and Innovation
- Patent Owners and Fundraisings: With 7 patent owners and 72 fundraisings, the region displays a modest level of innovation and investment activity.
- Gender Diversity in Leadership: Founders and directors show a gender split with 22.64% female founders and 25.04% female directors, indicating a progressive but still room for improvement in gender diversity in leadership roles.
- Young Companies with Young Directors: A noteworthy 32.6% of companies have young directors, suggesting a vibrant, youthful entrepreneurial scene.
Conclusion
Armagh City, Banbridge and Craigavon’s economic landscape is characterized by a strong mix of traditional and emerging sectors, a healthy rate of new business formation, and an encouraging sign of youth-led entrepreneurship. However, the high number of company cessations and the need for greater gender diversity in leadership are areas that require attention for sustainable economic growth.