Overview
Wakefield’s economy showcases a dynamic and diverse business landscape. The city has a total of 180,278 employees, with significant employment in wholesale and retail trade, professional services, and construction. The rise in the number of employees in some sectors indicates a robust and evolving economic environment. Notably, there has been a significant growth in employment, with a 9.93% increase. Wakefield’s economic activity is further characterised by a healthy mix of small and medium-sized enterprises (SMEs), exporters, and companies with foreign parentage.
Employment and Business Growth
- Total Employees: Wakefield has 180,278 employees, demonstrating a strong employment base. The 9.93% employee growth rate suggests a positive trend in job creation.
- Employee Raisers: With 696 companies increasing their workforce, this indicates a buoyant job market.
- Top Sectors by Number of Companies:
- Wholesale/Retail Trade: 2,323 companies (14.36%)
- Professional/Technical Activities: 2,243 companies (13.86%)
- Construction: 2,116 companies (13.08%)
- Sectors with Rising Company Numbers: Notable sectors include Mobile Apps and Software-as-a-Service (SaaS), each with 2 emerging companies, signifying a growing digital economy.
Sector Dynamics
- Manufacturing and Technology: The presence of companies in manufacturing (1,146 companies) and information/communication (900 companies) underscores a balanced mix of traditional and modern industries.
- Scaleups: The city has 128 scaleups, indicating a fertile environment for business growth and development.
Business Continuity
- Company Cessations: Wakefield witnessed 2,019 company closures, a vital statistic for understanding business sustainability in the region.
- New Companies in 2 Years: The emergence of 4,219 new companies over two years highlights a dynamic and entrepreneurial business atmosphere.
Diversity and Inclusion
- Founders’ Gender: 18.64% of companies have female founders, while 80.51% have male founders. This gender distribution presents opportunities for increased female entrepreneurship.
- Directors’ Gender: 24.76% female and 71.45% male directors, indicating a gender gap in leadership positions.
Conclusion
Wakefield’s economic landscape is characterised by a strong employment base, growth in key sectors, and a significant number of new businesses. The diversity in industries from traditional manufacturing to emerging digital sectors like SaaS and mobile apps reflects a versatile economy. However, there’s room for improvement in gender diversity among founders and directors. Overall, Wakefield presents a promising environment for business growth and development.