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

Analysis Report: Economic and Business Activity in Fermanagh and Omagh

Overview

The economic landscape of Fermanagh and Omagh is diverse, with a total of 35,015 employees across various sectors. Key sectors include construction, retail trade, and real estate. Notably, there are emerging sectors showing growth, such as builders and food processing. The region has not experienced any IPOs, but shows a healthy 7.87% employee growth rate, indicating dynamic business expansion. A total of 41 scaleups and 486 SMEs reflect a robust small and medium enterprise sector. The area also boasts a significant number of new companies, indicating a vibrant startup ecosystem.

Employment and Business Growth

  • Total Employees: 35,015 employees. The employment landscape in Fermanagh and Omagh is marked by a 7.87% growth, highlighting robust job creation across sectors. The presence of 41 scaleups further underscores this positive trend.
  • Top Sectors by Company Count:
    • Construction: 906 companies (18.04%)
    • Retail Trade and Motor Vehicle Repair: 785 companies (15.63%)
    • Real Estate: 680 companies (13.54%) These sectors are foundational to the region’s economy, demonstrating a balanced mix of service and production-based industries.

Sector Dynamics

  • Top Sectors Showing Growth: Notably, sectors like builders, plastics, and food and drink processing are on the rise, indicating diversification in the region’s economic base.
  • Small and Medium Enterprises (SMEs): With 486 SMEs, the region shows a strong backbone of small businesses contributing significantly to the local economy.
  • New Companies: The emergence of 486 new companies in the past two years is a testament to a thriving entrepreneurial spirit.

Business Continuity

  • Company Cessations: The region experienced 247 company cessations, which is a natural part of the economic cycle. Continuous monitoring of this metric is essential to understand business survival rates and market dynamics.

Directors and Founders Demographics

  • Gender Representation in Founders: 11.11% female, 77.78% male, and 11.11% unknown. This suggests a gender gap in entrepreneurship that may need addressing.
  • Gender Representation in Directors: 25.29% female, 72.15% male. Similar to founders, a significant gender disparity exists in leadership roles.
  • Age Distribution of Directors: The majority of directors are over 40, with significant representation in the 50-60 age bracket (25.42%). This may indicate a need for more youth engagement in leadership roles.

Conclusion

Fermanagh and Omagh’s economic profile is characterised by strong employment growth, a diverse set of leading sectors, and a vibrant startup ecosystem. However, there is a noticeable gender gap in entrepreneurship and leadership roles, and an opportunity to engage more young people in director positions. Continued growth in emerging sectors and support for SMEs will be vital for the region’s ongoing economic health.

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