Overview
Bridgend showcases a diverse economic profile with significant activities in wholesale, retail trade, professional services, and construction. Despite not witnessing any IPOs, the city has seen a healthy growth in employment and businesses, particularly in scale-ups. The presence of SMEs and companies with foreign parentage indicates a robust, interconnected business environment. Gender diversity in leadership positions, however, remains an area for improvement.
Employment and Business Growth
- Total Employees: Bridgend employs 29,267 individuals. With a 6.98% growth in employment, the city demonstrates a positive trajectory in job creation.
- Total Employees Raisers: There are 4 sectors experiencing employment growth, signaling a dynamic job market.
- Top Sectors by Company Number: Leading sectors include wholesale/retail trade (818 companies), professional services (804), and construction (788). These sectors are pivotal in driving the city’s economy.
- Top Sectors by Growth: Sectors like Other Energy and Educational Services are emerging, each with one new company, suggesting diversification in the economic base.
Business Continuity
- Company Cessations: Bridgend has 8807 companies that ceased operations, indicating a challenging aspect of business sustainability in the region.
- Scale-ups: The presence of 45 scale-ups signifies a healthy growth phase for businesses in Bridgend.
- New Companies in 2 Years: 1,642 new companies were established in the last two years, showing vibrancy in the entrepreneurial ecosystem.
- Small and Medium-sized Enterprises (SMEs): With 4,737 SMEs, the city has a strong backbone of small businesses.
- Exporters and Foreign Parent Companies: There are 125 exporters and 118 companies with foreign parentage, highlighting international business ties.
- Fundraisings and Patents: The region recorded 3 fundraisings and 273 patent owners, reflecting an innovative and investment-friendly environment.
Conclusion
Bridgend’s economy is marked by a strong mix of traditional and emerging sectors, a growing job market, and an active business formation scene. Challenges lie in the high number of business closures and the need for greater gender diversity in leadership roles. The city’s economic health is underpinned by its SMEs and international business connections.