Overview
Powys exhibits a diverse economic landscape, characterised by a strong presence in sectors like professional services, construction, and retail trade. The region shows a positive trajectory in employment growth, with notable increases in specific sectors. However, the city faces challenges in business continuity, as indicated by the number of company cessations.
Employment and Business Growth
- Total Employees: 25,719. Powys has experienced significant employment growth, with 108 companies reporting increases in employee numbers. This indicates a robust job market and opportunities for workforce expansion.
- Percentage Employee Growth: 9.00%. This growth rate reflects a dynamic and expanding economy, with a positive impact on local employment.
- Number of Scaleups: 37. The presence of scaleups suggests a nurturing environment for business expansion, contributing to the overall economic health.
- Top Sectors with Rising Employment: Professional services and construction are leading sectors for employment growth, signaling their critical role in the regional economy.
Sector Dynamics
- Dominant Sectors: Professional, scientific and technical activities (820 companies, 13.84%), Construction (748 companies, 12.63%), and Retail trade (722 companies, 12.19%). These sectors dominate the local economy, highlighting diverse opportunities and a balanced industrial mix.
- Top Sectors with Increasing Company Numbers: Other built environment and infrastructure, business services, and clean energy generation. These emerging sectors suggest a shift towards sustainable and service-oriented businesses.
Business Continuity
- Company Cessations: 398. This number indicates challenges in sustaining businesses, which could be due to various factors like market conditions or regulatory changes.
- New Companies in 2 Years: 1,100. A high number of new companies shows entrepreneurial vibrancy but also suggests a competitive market where not all businesses may survive long-term.
Demographics and Innovation
- Founders’ Gender: 29.63% female, 70.37% male. This gender distribution reflects a male-dominant entrepreneurial landscape, with room for increased female participation.
- Directors’ Gender: 31.81% female, 64.51% male. Similar to founders, the directorial roles are also predominantly male.
- Young Companies with Young Directors: 153 companies. This indicates a significant presence of young entrepreneurs, suggesting a dynamic and innovative business environment.
- Number of Patent Owners and Grantees: 5 patent owners, 1 grantee. These figures, though modest, point to a level of innovation within the local economy.
Conclusion
Powys demonstrates a robust and diverse economic landscape, marked by growth in employment and a mix of traditional and emerging sectors. The region shows potential for innovation and entrepreneurship, though challenges in business sustainability need attention. The demographic data indicates a need for greater gender diversity in leadership roles.