Overview
Lisburn and Castlereagh, a local council area, exhibits a dynamic economic landscape. The area’s diverse range of sectors, from wholesale and retail trade to technical activities, contributes to its robust business environment. Notably, the region has experienced notable growth in employment and business activities, underpinned by a mix of traditional industries and emerging sectors.
Employment and Business Growth
- Total Employees: Lisburn and Castlereagh have a total of 48,684 employees. This workforce is supported by 1,775 businesses reporting employee growth. The employee growth rate of approximately 8.26% suggests a healthy and expanding job market.
- Top Sectors: The leading sectors by company count are wholesale/retail trade (816 companies, 13.58%), professional/scientific activities (740 companies, 12.32%), and construction (684 companies, 11.38%). These sectors are vital to the region’s economic fabric, offering diverse employment opportunities.
- Top Sectors with Raisers: Sectors like wholesale, business banking, medical instrumentation, materials production/mining, and aerospace have shown notable growth, indicating a trend towards diversification and innovation in the local economy.
- Company Cessations: Not specified, but the high number of new companies suggests a dynamic business environment with ongoing churn.
Business Continuity
- Company Cessations: Data not provided.
- Scaleups: The presence of 52 scaleups indicates a nurturing environment for business expansion, reflecting the council’s support for growing businesses.
- New Companies: Over two years, 1,373 new companies have emerged, underscoring the area’s attractiveness for new business ventures. The total number of companies now stands at 6,008, with 664 SMEs and 131 exporters, indicating a strong small and medium-sized enterprise (SME) sector.
- Foreign Parent Companies: With 119 foreign parent companies, Lisburn and Castlereagh demonstrate their appeal to international investors and businesses.
- Patents and Grants: The presence of 72 patent owners and 4 grantees highlights a focus on innovation and intellectual property.
Gender Representation and Young Entrepreneurs
- Founders by Gender: Founders are predominantly male (82.54%), with females accounting for 17.46%. This disparity highlights a gender gap in entrepreneurship.
- Directors by Gender: A similar trend is seen in directorship, with males representing 69.25% and females 25.69%. Young directors (under 40) constitute about 18.45% of all directors, indicating some level of youth involvement in corporate leadership.
Other Key Indicators
- Young Companies with Young Directors: 222 companies, showing a promising trend of young entrepreneurship.
- Attendances and Cessations: There were 22 attendances and 1 cessation, reflecting active engagement in business activities and a relatively low cessation rate.
- Company Deaths: 416 companies ceased operations, suggesting some challenges in business sustainability.
Conclusion
Lisburn and Castlereagh’s council area shows a vibrant and growing economy with a diverse sector presence. The high rate of new company formation, alongside the presence of scaleups and foreign parent companies, signifies a dynamic business environment. However, the gender gap in entrepreneurship and leadership positions, as well as the rate of company deaths, point to areas needing attention for sustainable economic growth.