Overview
Ceredigion, a dynamic region for business and employment, demonstrates a diverse economic structure. The data indicates a robust presence in sectors like professional, scientific, technical activities, and retail trade. There’s a notable growth in employment and a healthy mix of young and experienced company directors, reflecting a balanced entrepreneurial environment.
Employment and Business Growth
- Total Employees: 10,380 employees. This number reflects a healthy employment rate, with a growth of 11.09% indicating a positive trend in job creation.
- Sectors Showing Employment Growth: The sectors showing remarkable growth are agriculture and farming, leisure and entertainment, analytics, insight, tools, other retail, and food and drink processing. This diversity suggests a versatile economy resilient to sector-specific downturns.
Sector Dynamics
- Top Sectors by Company Numbers: The leading sectors include professional, scientific, and technical activities (376 companies), retail trade/repair of motor vehicles (359 companies), and construction (350 companies). The prominence of these sectors underlines a balanced mix of traditional and modern industries.
- Sectors with Most Company Growth: Agriculture and farming, and other leisure and entertainment sectors lead in growth, indicating a shift towards these areas in recent years.
Company Trends
- Number of Companies: There are 2,861 companies in the region, with 271 new companies established in the last two years. This shows a steady rate of new business formation.
- Small and Medium-sized Enterprises (SMEs): With 2,368 SMEs, the region’s economy is strongly supported by smaller businesses, which are crucial for job creation and local economic health.
Business Continuity
- Company Cessations: There are 199 company cessations, suggesting challenges in business sustainability, possibly due to market competition or other external factors.
Conclusion
Ceredigion’s economy is characterized by a healthy mix of traditional and emerging sectors with steady employment growth. The region shows potential in various sectors, notably in agriculture, leisure, and technical services. However, attention is needed to address the challenges faced by businesses leading to cessation.