Commercial Business & Economic Activity

Business is booming in the Magherafelt District. During the 1980s and 1990s, the area experienced the highest growth in employment in Northern Ireland (48% compared to a Northern Ireland average of 7%) and the local economy has continued to grow and nourish in the last decade.

The Magherafelt District enjoys a strategic location in the heart of Northern Ireland. Through it runs the main road from Belfast to the North West.

POPULATION

The District has a population of approximately 40,000, 20% (8,000) live in Magherafelt Town; 25% (10,000) live in other towns and villages within the Council area and the remaining 55% (21,000) live in the countryside. Currently 28% (11,200) of our population is aged 16 or under, compared with 24% across Northern Ireland. Consequently we have a large population of young people compared to the Northern Ireland average.

By the year 2013, the Magherafelt District Council area is expected to grow by over 11%, which is twice the Northern Ireland average.

AGRICULTURE

Traditionally agriculture has been the 'back bone' of our economy, but due to BSE and the Foot and Mouth crisis, family farms are struggling to survive. The District's 1,520 farms have to take a critical look at their situation and assess their future prospects. Alternatives to be considered are part-time farming where the farmer finds 'off farm' employment; diversification where the farmer starts a new business in his farmyard; or training for a new job. Most are now part-time occupation.

Historically, agricultural business was the cornerstone of the area's economy and agri-business in the area is still a vital contributor to its success. Over the last thirty years, however, the economic base of the area has expanded rapidly in many areas, developing, from its agricultural base and thorn the natural resources and enterprising spirit of the local people. The rate of self employment in the Magherafelt District is high, and many of the businesses started by local people have grown to become significant employers and mate a strong contribution to the local economy.

The area boasts a strong construction and manufacturing base, encompassing domestic, agricultural and industrial sectors and related business in light ongineering and timber have also flourished.

BUSINESSES

The Magherafelt District has strong manufacturing and construction sectors. It is an economy of small businesses. Of the 1820 Businesses in the District which are VAT registered they employ fewer than four people each on average. It is expected that with the decline in agricultural incomes that the number of small businesses in the district will increase even more.

The engineering sector is particularly strong in the Magherafelt area, with home grown companies like Sperrin Metals (past winners of the UK Award for Export), South Derry Coach Works (SDC) and Moyola Precision Engineering (Northern Ireland Quality Award winner) providing a lead which many other businesses in the area have followed. Mineral extraction businesses have exploited the natural resources of the area, as has the tourism sector, which has shown strong growth in more recent years.

The textiles sector has also been developed and is now one of the more significant employment sources in the area.

The local economy is excellently supported by the full range of business services accounting, legal, financial, information technology and marketing services are all locally based in the towns throughout the District. All the major banks and building societies are represented and the full range of business support services are to hand.

The area is also linked into the world-wide-web ADSL advanced telecommunications network using a digital switched fibre optic network which -allows extremely high quality audio, data and visual communication to be conducted at high speed with any world-wide location.

The infrastructure needed to support businesses, large or small, is in place. From business stationery to marketing to corporate finance, from staff recruitment to corporate entertaining - your business needs can be met in the Magherafelt District.

UNEMPLOYMENT

The Magherafelt unemployment rate was just 4% at the end of 2000, which is 1% below the Northern Ireland average rate.