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The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.

Analysis Report: Economic and Business Activity in Conwy

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.

The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.