Overview
Conwy’s economic landscape reveals a dynamic mix of sectors with a total employment base of 21,006. The dominant sectors include wholesale/retail trade and repair of motor vehicles, professional/scientific/technical activities, and construction. Despite no recent IPOs, the region shows a healthy 7.88% employee growth, signaling robust business activities. Key growth sectors are diverse, ranging from retail to online publishing, reflecting a versatile economic environment.
Employment and Business Growth
- Total Employees: Conwy has 21,006 employees. The employee base has grown by 7.88%, indicating positive economic momentum.
- Top Sectors by Employment: The leading sectors are wholesale/retail trade (12.83%), professional activities (12.27%), and construction (11.65%). This diversity suggests a balanced economic structure.
- Raising Sectors: Emerging sectors include other retail and various financial services, highlighting a shift towards diversified consumer services and finance.
Sector Dynamics
- Top Sectors by Company Count: Wholesale/retail trade leads with 620 companies, followed by professional services (593) and construction (563). This spread underscores the region’s multifaceted business environment.
- Sectors with Rising Companies: Sectors like other online publishing and consumer banking are gaining prominence, indicating a trend towards digital and financial services.
Business Continuity
- Company Cessations: There have been 448 company cessations, a critical factor to monitor for assessing business sustainability in the region.
- New Companies in 2 Years: 1,004 new companies in the past two years demonstrate a vibrant entrepreneurial spirit and a conducive environment for startups.
- Scaleups: The presence of 23 scaleups reflects a nurturing ecosystem for growing businesses.
Diversity and Innovation
- Founders’ Gender: Female founders constitute 16.28%, while male founders dominate at 83.72%. This highlights a gender gap in entrepreneurship.
- Directors’ Gender: The gender distribution among directors is more balanced, with females at 29.83% and males at 65.68%.
- Patent Owners and Grantees: With 21 patent owners and 2 grantees, there’s evidence of innovation and R&D activities, crucial for long-term economic vitality.
Conclusion
Conwy’s economy is characterised by a diverse mix of sectors, a growing workforce, and a healthy rate of new business formation. The rise in digital and financial services sectors indicates a shift towards modern industries. However, the gender disparity in entrepreneurship and company cessations are areas needing attention. Overall, Conwy presents a resilient and evolving economic landscape.