Northern Ireland's Knowledge Economy - 2013

NISPCONNECT ΝICEP Northern Ireland Centre for Economic Policy NORTHERN IRELAND'S KNOWLEDGE ECONOMY - 2013 NORTHERN IRELAND'S KNOWLEDGE ECONOMY IS GROWING FASTER THAN THE UK The Northern Ireland Knowledge Economy Index tracks the health of the Northern Ireland innovation economy by comparing data year-on-year and comparison to other regions, and monitoring availability of capital. This matters because wages in the knowledge economy are 25% higher than the average wage. EMPLOYMENT IN THE KNOWLEDGE ECONOMY NORTHERN IRELAND 2011 33,370 2010 32,389 6.2% 2009 31,408 UNITED KINGDOM 5. 2011 1,668,730 2010 1,634,780 2.5% 2009 1,628,417 INTRODUCING THE KNOWLEDGE ECONOMY COMPOSITE INDEX 130 O NI UK 120 110 100 90 2005 2006 2007 2008 2009 2010 2011 2012 2013 The new composite Knowledge Economy Index allows progress of the Knowledge Economy to be monitored for Northern Ireland and the UK. The composite KEI shows that the Knowledge Economy has grown more rapidly in Northern Ireland than in the UK, especially since the 2008/09 recession as shown above. The major driving factors in 2010 and 2011 include: 30% Private equity and VC investments per Business Market The number of All of which have capitalisation of PLCS per patent applications filed and granted grown by more than thirty per cent start 100,000 VAT Jəd sdn between 2009 and 100,000 registered head of per million population. businesses. population. inhabitants. 2012. WHAT CAN WE LEARN FROM THE TRAJECTORY OF OUR KEY INDICATORS? Number of new innovative start-up companies formed 31.1% 295 260 225 2009 2010 2011 TRAJECTORIES SECTION 2009 2,415 2,365 2010 2,340 Knowledge economy 2011 businesses, total no. 2012 of businesses INVESTMENT ACTIVITY 47 38 34 £20 £5 £2 £2 VC investment (£ million) Number of M&A and ECM activity (This data includes only investments reported to the BVCA.) (number of deals) R&D AND RESEARCH ACTIVITY £520 £499 284 £472 263 225 24 Total expenditure on R&D, £ million Number of PhDs per annum EMPLOYMENT BY SECTOR 6,2 33,370 NORTHERN IRELAND 31,409 2009 2011 2,1 9,919 9,711 10,9 5,581 5,033 8,6 4,4 9,8 18 12,3 12,1 41,9 4,792 5,206 3,846 4,015 2,724 2,992 1,585 1,870 1,385 1,555 1,622 1,819 711 413 Knowledge Economy Software Medical Pharmaceuticals and Communications Other Creative Aerospace and other transport equipment Computing and advanced electronics IT devices biotechnology technical consultancy content and digital media* services *This statistic was questioned and verified but does not look right given the vibrancy of the digital sector in Northem Ireland) UK 1,668,730 2009 2011 1,628,417 452,002 424,207 316,777 299,483 212,501 206,119 206,578 131,999 197,975 188,421 181,314 109,705 67,715 70,238 72,470 68,985 49,564 41,094 Computing and advanced electronics Knowledge Economy Software Medical Pharmaceuticals and Communications Other Aerospace and other transport equipment IT Creative devices biotechnology technical consultancy contentand digital media services COMPANIES BY SECTOR 3,2 2009 2010 2011 2,415 2,365 2,340 6,1 6,4 660 670 700 3,2 500 485 470 485 -13,6 2,4 6,9 470 475 220 215 5,3 205 195 210 190 155 155 145 95 90 100 60 65 60 15 15 15 Communications Computing Software Aerospace and other transport equipment Medical Other Pharmaceuticals Knowledge Economy Creative and advanced content and services devices technical and electronics digital media consultancy biotechnology Total active businesses Knowledge economy total as a % of business stock -3.9% 4.2% 59,700 3.9% 4.0% 58,985 57,370 www.nispconnect.org To learn more or to review the research in detail, please visit: Department of European Union European Regional Development Fund Investing in your future OXFORD Enterprise, Trade and Investment ECONOMICS www.detini.gov.uk %24