Overview
Gwynedd’s economic landscape is characterised by a diverse range of sectors, with a significant presence in construction, accommodation, food service, and professional activities. The area’s employment figures and business growth indicators highlight a dynamic economic environment. Notable growth in specific sectors and an increase in the number of employees suggest an expanding economic base.
Employment and Business Growth
- Total Employees: Gwynedd reports a total of 18,768 employees.
- Employee Growth: There’s been a 15.77% increase in employee numbers, indicating robust job creation and economic expansion.
- Sector Dynamics: The leading sectors by company numbers are Construction (660 companies), Accommodation and Food Service Activities (614), and Professional, Scientific and Technical Activities (544). These sectors demonstrate the diversity and strength of Gwynedd’s economy.
- Top Sectors by Growth: The sector ‘Research tools/reagents’ shows growth, albeit with only one company represented, suggesting potential for niche market development.
Business Continuity
- Company Cessations: In the past two years, there have been 4392 company cessations, which could indicate market churn or a dynamic business environment with a high rate of new entrants and exits.
- New Companies: 916 new companies have been established in the last two years, highlighting entrepreneurial activity and business creation.
- Scaleups: There are 24 scaleups, indicating a number of businesses achieving rapid growth, which is a positive sign for economic vitality.
Business Composition and Diversity
- SMEs and Exporters: Gwynedd has a strong base of 3,743 SMEs and 78 exporters, suggesting a well-established small and medium-sized business sector with international trade engagement.
- Foreign Parent Companies: Presence of 19 companies with foreign parentage indicates international investment and business integration.
- Gender Representation in Leadership: About 20% of founders and 30.69% of directors in Gwynedd’s companies are female, suggesting room for improvement in gender diversity in business leadership.
- Age Distribution of Directors: The majority of directors fall in the 50-60 and above 60 age groups, reflecting a mature leadership landscape.
Intellectual and Entrepreneurial Activity
- Fundraisings and Patent Owners: With 47 fundraisings and 3 patent owners, there is evidence of investment and innovation activity in the region.
- Young Companies with Young Directors: 136 companies have young directors, indicating a youthful entrepreneurial spirit.
Conclusion
Gwynedd’s economic health is highlighted by a diverse sector presence, robust employment growth, and dynamic business activities. The region shows strength in traditional sectors like construction and food services, while emerging in niche areas like research tools/reagents. Business continuity indicators show a vibrant, albeit fluctuating, market. Efforts to enhance gender diversity in leadership and support for young entrepreneurs could further strengthen the economic landscape.