Overview
The economic landscape of Newry, Mourne and Down presents a dynamic mix of sectors, with a total of 47,033 employees. There’s notable growth in certain industries, with a total of 121 companies reporting an increase in their workforce. The data indicates a diverse range of sectors, led by Construction, Wholesale and Retail Trade, and Professional, Scientific, and Technical activities.
Employment and Business Growth
- Total Employees: 47,033. The region shows a healthy employment rate across various sectors.
- Employee Growth: 8.48% growth. This indicates a positive trend in job creation.
- Sectors with the Highest Employment: Construction (17.39%), Wholesale/Retail Trade (15.41%), and Professional Activities (9.49%). These sectors are the backbone of the local economy.
- Sectors with Rising Employment: Notably, Distribution, Marketing Services, Other Supply Chain, Analytics, Insight, Tools, and Internet Platform are sectors on the rise. This suggests a growing trend in these niche areas.
Sector Dynamics
- Top Sectors by Number of Companies: Construction (1,596 companies), Wholesale/Retail Trade (1,414), and Professional Activities (871). This diversity reflects a robust and versatile economy.
- Rising Sectors: Sectors like Internet Platforms and Analytics are showing growth, indicating a shift towards digital and analytical sectors.
Company Trends
- Total Number of Companies: 9,177. A significant number, highlighting the area’s entrepreneurial spirit.
- New Companies in Last 2 Years: 953. This demonstrates a vibrant startup ecosystem.
- SMEs: 6,774. Small and medium enterprises form the bulk of the business landscape.
- Exporters: 133. This number, though modest, shows international business engagement.
- Companies with Foreign Parentage: 200. This indicates healthy foreign investment and global connections.
Innovation and Growth
- Number of IPOs: 0. The absence of IPOs suggests a focus on private and SME sectors.
- Number of Scale-ups: 55. These businesses are growing and potentially leading the local economy.
- Patent Owners: 82. A moderate number, indicating some degree of innovation.
- Grant Recipients: 5. This could be an area for potential growth.
Diversity and Leadership
- Founders Gender Balance: 21.05% female, 76.32% male. This shows room for improvement in gender diversity among founders.
- Directors Gender Balance: 25.72% female, 70.47% male. Similar trends are seen in leadership roles.
- Age Distribution of Directors: The majority are over 40 years old, indicating experienced leadership.
Business Continuity
- Company Cessations: 655. This figure is significant and warrants attention for potential issues in business sustainability.
- Young Companies with Young Directors: 334. This suggests a notable presence of young entrepreneurs in the region.
Conclusion
Newry, Mourne and Down’s economic landscape is characterised by a strong mix of traditional and emerging sectors, with a significant SME presence. The region shows promising growth in employment and company formation, though there’s a need for more focus on innovation and diversity in leadership. The prevalence of experienced directors suggests stability, but also points to opportunities for fostering younger leadership.