Overview
Wigan’s economic landscape is characterised by a diverse range of sectors, with a strong presence in construction, retail trade, and professional activities. The city has seen a notable growth in employment, with 117,421 employees and a significant number of companies in various sectors experiencing growth. Despite the lack of new IPOs, the city shows a positive trend in business scale-ups and new company formations, indicating a dynamic business environment.
Employment and Business Growth
- Total Employees: 117,421. Wigan has experienced a robust increase in employment, indicated by the 11.20% employee growth. This trend reflects the city’s economic vitality and potential for future job creation.
- Employment Raisers: 209 companies have contributed to this employment growth, signaling an active and expanding business community.
- Top Sectors by Company Count: Construction (2,321 companies), Retail Trade (2,144), Professional Services (1,984), which collectively form a diversified economic base.
- Top Sectors by Growth: Sectors such as Other Manufacturing and Engineering, Civil Engineering Services, and Wholesale show a promising trend in business expansion.
Business Continuity
- Company Cessations: Wigan witnessed 1,791 company closures, a figure that needs to be balanced against new company formations to assess the overall business health.
- New Companies (Last 2 Years): 2,602, showing a dynamic entrepreneurial environment.
- Scaleups: 89 companies have scaled up, which is a positive indicator of business maturity and growth potential in the region.
- SMEs: With 10,821 SMEs, Wigan has a strong backbone of small and medium-sized enterprises.
- Exporters: 317 exporters suggest a significant level of international business engagement.
- Companies with Foreign Parentage: 127, indicating a degree of international investment and connectivity.
Diversity and Innovation
- Founders by Gender: 15.71% female founders, 84.29% male, showcasing a gender disparity in entrepreneurship.
- Directors by Gender: 27.33% female directors, indicating a gradual increase in gender diversity in leadership roles.
- Young Companies with Young Directors: 977 companies, reflecting a vibrant young entrepreneurial community.
- Innovation Indicators: Wigan has 138 patent owners and 4 grantees, indicating a modest level of innovation activity.
Conclusion
Wigan’s economic profile is marked by a strong and diverse sector presence, significant employment growth, and a dynamic entrepreneurial ecosystem. While there is room for improvement in areas such as gender diversity in entrepreneurship and innovation, the overall economic health of the city is robust, with a good mix of established and emerging businesses. This bodes well for future economic stability and growth.