Low unemployment boosts Omagh businesses

With the North’s unemployment rate reportedly at an all-time low, Omagh is said to be experiencing a tangible boost in local business activity.

The North’s unemployment rate has dropped below two per-cent for the first time, a potential overture of a regional economic bounce-back.

According to the same monthly Ulster Bank survey, the private sector continued to grow in July and seems to have performed better than the UK average.

Meanwhile, data indicates that the rate of inflation is also slowing down.

Commenting earlier this week on how the seemingly shifting economic fortunes of the North are playing out on the local business landscape was Omagh Enterprise Company chief executive, Nicholas O’Shiel.

“We help people start up their own businesses by providing them with the support they need to do that.

“And over the last couple of years our enquires have been through the roof.

“Of course, not all of those who come asking our assistance will go on to successfully launch their own enterprise. But there is certainly a strong correlation between our enquiry count and local business activity,” said Mr O’Shiel.

Omagh Enterprise Company provides working space for almost 90 small to medium sized businesses in their Gortrush Industrial Estate site.

Last year, they received planning approval to transform the old Omagh health centre site into another business hub.

“When the doors open, we expect to host around 50 firms and 250 new staff,” said Mr O’Shiel.

The £5.5 million development is due to open May 2025.

When asked to comment specifically on the record low employment figures, Mr O’Shiel said ‘a lot of local firms are hiring’.

“I don’t have the expertise to comment on those numbers directly, but what I can say is that a lot of local firms are hiring.

“Many of the businesses we work with are taking on staff at the minute.”

Finally, we asked O’Shiel to identify the industries which at present are enjoying a purple patch.

“There is no one sector that stands out, to be honest. We have people coming forward to us with all manner of ideas, some you’d expect, and some that you would never expect to come through the door.

“This diversity is a good thing. It is a good health indicator of our local economy.”