Overview
Causeway Coast and Glens’ economy is characterised by a diverse range of sectors, with a notable emphasis on Construction, Retail Trade, and Real Estate. There are 4,647 companies operating in the region, with a workforce of 23,228 employees. Despite no recent IPOs, there has been a significant employee growth rate of 9.90%. The council area shows a healthy mix of young companies and experienced directors, contributing to a dynamic business environment.
Employment and Business Growth
- Total Employees: 23,228. The area has seen a healthy 9.90% growth in employment, indicating robust economic activity and potential job opportunities.
- Top Sectors for Employment Growth: Not explicitly mentioned, but implied by the dominant sectors.
- Number of Scale-ups: 37, signifying a moderate level of entrepreneurial activity and business expansion.
- Total Number of Companies: 4,647, reflecting a diversified economic base.
Sector Dynamics
- Top Sectors by Number of Companies: Construction (19.37%), Retail Trade (12.91%), Real Estate (9.32%), signifying a strong foundation in traditional industries.
- Emerging Sectors: There are no specific sectors highlighted as rapidly growing, which suggests a stable rather than a rapidly shifting economic landscape.
Company Trends
- Number of New Companies (Last 2 Years): 858, indicating a vibrant entrepreneurial environment.
- Total Number of SMEs: 3,740, demonstrating the dominance of small and medium enterprises in the local economy.
Business Continuity
- Company Cessations: Not specified, but 283 companies are reported as ‘dead,’ which may imply business closures.
- Number of Company Deaths: 283, a figure that needs to be contextualized against the total number of companies and the rate of new company formation.
International and Innovation Indicators
- Number of Exporters: 55, showcasing some level of international business engagement.
- Number of Companies with Foreign Parent: 39, indicating international investment.
- Number of Fundraisings: 26, a moderate level of investment activity.
- Number of Patent Owners: 2, suggesting minimal innovation activity in patentable areas.
Governance and Leadership
- Percentage of Female Founders: 17.14%, indicating a need for greater gender diversity in entrepreneurship.
- Percentage of Female Directors: 28.50%, reflecting a moderately better but still imbalanced gender representation in corporate leadership.
- Age Distribution of Directors: A broad range, with the highest percentage (33.47%) being directors over 60 years old, indicating experienced leadership in the business community.
Conclusion
Causeway Coast and Glens presents a stable and diverse economic environment with strengths in traditional sectors like Construction and Retail. The area’s robust SME presence and a reasonable rate of new company formation reflect a dynamic business landscape. However, there are areas for improvement, particularly in fostering innovation and enhancing gender diversity in business leadership.