Overview
Mid and East Antrim’s economic landscape demonstrates robust activity across various sectors, with notable trends in employment, business growth, and sector dynamics. The data reveals a diverse business ecosystem with a significant presence in wholesale, retail trade, construction, and professional activities. The employment growth and the number of new companies highlight an evolving economic environment.
Employment and Business Growth
- Total Employees: 22,949. The region shows a healthy employment rate with a diverse sector presence. The 10.84% employee growth indicates dynamic job market trends and economic resilience.
- Top Sectors by Company Count: The leading sectors include wholesale and retail trade (594 companies, 13.9%), construction (498 companies, 11.66%), and professional activities (452 companies, 10.58%). This diversity suggests a balanced economic structure, less vulnerable to sector-specific downturns.
- Top Sectors by Growth: Sectors such as builders, materials technology, and analytics show growth, indicating emerging areas of economic opportunity and innovation.
Business Continuity
- Company Cessations: 314 companies ceased operations, which is a vital indicator of the business environment’s challenges. It’s crucial to analyse the reasons behind these cessations for better economic planning.
- New Companies in 2 Years: 999 new companies were established over two years, reflecting entrepreneurial spirit and business opportunities in the region.
- Scaleups: 37 scaleup companies signify a nurturing environment for business expansion, crucial for long-term economic sustainability.
Sector Dynamics
- Top Sectors: The dominance of sectors like wholesale, retail trade, and construction mirrors national trends, while the prominence of professional activities indicates a skilled workforce.
- Emerging Sectors: Growth in sectors like analytics and internet platforms points towards a digital transformation in the region’s economy.
Company Trends
- Total Companies: 4,272. This number reflects the region’s business density and diversity.
- SMEs and Exporters: 3,257 SMEs and 59 exporters highlight the backbone of the local economy and its global reach.
Gender and Leadership Dynamics
- Founders’ Gender: 16.2% female founders and 81.08% male founders. The data shows a gender gap in entrepreneurship that might need addressing for a more inclusive economic environment.
- Directors’ Gender: 26.68% female directors, suggesting a gradual increase in women’s leadership roles in businesses.
Innovation and Research
- Patent Owners and Grantees: 23 patent owners and 3 grantees indicate a moderate level of innovation and research activity in the region.
Conclusion
Mid and East Antrim showcases a diverse and evolving economic landscape with strengths in various sectors like wholesale, retail, and construction. The growth in employment and new businesses indicates positive economic momentum. However, challenges in business continuity and gender disparities in entrepreneurship need attention. Overall, the region’s economic health is dynamic, with opportunities for further growth and innovation.