Palma, Mallorca: 193 fast-growing firms, third in Spain

Palma on Mallorca has 193 fast-growing firms, putting it third among Spanish cities behind Madrid and Barcelona in a study covering 2021 to 2024. That is 45% of the Balearic Islands’ total, according to the Cotec Foundation for Innovation. Across the islands, the study counts 430 such firms, 50 more than in its previous report.

The study calls them “gazelle companies”: businesses that start with at least ten employees and increase their workforce by at least 70% over three consecutive years. They account for 13.7% of Balearic firms, almost twice the Spanish average of 7.5%.

Hospitality leads the growth

More than half of the Balearic fast-growing firms — 231 — are in hospitality, including 188 accommodation businesses. After Palma, the largest counts are in Eivissa in the Balearic Islands, with 27, Calvià on Mallorca with 23 and Alcúdia on Mallorca with 20.

Alcúdia stands out by a different measure: 34.5% of its local firms meet the study’s fast-growth definition.

New jobs and a warning

Between 2021 and 2024, the 430 firms created 29,272 net jobs and employed 53,751 people by the end of the period. They accounted for 78% of net jobs created by Balearic companies with at least ten employees.

Balearic economy minister Antoni Costa defended tourism as an economic driver when the study was presented. He also acknowledged structural problems in the islands’ tourism model and called for innovation and a more diverse economy.

Topics: Tourism · Politics · Economy · Palma · Calvià · Alcúdia · Santa Margalida · Son Servera · Capdepera

Source: Europa Press / Mallorca.com