Overview
Mid Ulster exhibits a diverse economic landscape with notable strengths in sectors like Construction, Retail Trade, Manufacturing, and Professional Services. The region’s employment growth and business dynamics reflect an active economic environment. However, challenges such as gender diversity in leadership and company cessation rates are also evident.
Employment and Business Growth
- Total Employees: 56,094
- The employment base in Mid Ulster is robust, with 56,094 employees recorded. The area saw an increase of 323 employees, indicating modest but positive growth in the labor market.
- Percentage Employee Growth: 6.97%
- This significant growth percentage suggests a dynamic job market, potentially driven by new businesses and expansion of existing ones.
Sector Analysis
- Top Sectors by Company Numbers:
- Construction: 1,235 companies, 19.66%
- Retail and Motor Vehicle Trade: 946 companies, 15.06%
- Manufacturing: 687 companies, 10.94%
- These sectors not only dominate in terms of company numbers but also likely contribute significantly to employment and local economic output.
- Top Sectors with Rising Company Numbers:
- Food and Drink Processors, Retail, Distribution, Wholesale, Agriculture
- These growing sectors indicate areas where local policies or market conditions are favorably impacting business development.
Business Dynamics
- New Companies (Last 2 Years): 1,211
- The emergence of over a thousand new companies in two years showcases a vibrant entrepreneurial climate.
- Total Companies: 6,282
- A strong base of over six thousand companies underpins the local economy.
- Small and Medium Enterprises (SMEs): 4,764
- SMEs form the backbone of Mid Ulster’s economy, driving innovation and employment.
- Exporters: 167
- The number of exporters reflects the region’s engagement in global markets.
- Companies with Foreign Parentage: 121
- This indicates a degree of international investment and influence in the local economy.
Innovation and Growth
- Number of Scaleups: 91
- The presence of scaleups signifies a healthy environment for business growth and expansion.
- Company Cessations: 3,737
- High cessation rates may point to competitive challenges or market saturation in certain sectors.
- Fundraisings and Patent Owners: 209 and 0 respectively
- A substantial number of fundraisings, yet a lack of patent owners, suggests a focus on business expansion over R&D.
Diversity and Leadership
- Gender Diversity in Founders and Directors:
- Female Founders: 18.52%, Male Founders: 77.78%
- Female Directors: 25.70%, Male Directors: 72.28%
- These figures highlight a gender gap in both founding and leading roles within companies.
- Age Distribution of Directors:
- The largest groups are directors aged between 40-60 years, reflecting experienced leadership yet possibly indicating a gap in younger entrepreneurial leadership.
Conclusion
Mid Ulster’s economy is characterised by a strong mix of traditional and emerging sectors, significant business growth, and a vibrant SME sector. While there is healthy economic activity, areas such as company cessations, gender diversity in leadership, and a lack of young directors suggest room for targeted policy interventions and support programs.