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The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.

Analysis Report: Economic and Business Activity in Worcester

Overview

Worcester’s economy is characterised by a diverse range of sectors with a total employment of 62,607. The city has seen notable growth in several sectors, particularly in professional, scientific, technical, and administrative support services. This diversity indicates a robust economic base with potential for further expansion.

Employment and Business Growth

  • Total Employees: 62,607
    • Analysis: Worcester’s workforce is substantial, indicating a strong employment base. The growth in employment numbers (8.23%) suggests an expanding job market, likely driven by the city’s diverse economic sectors.
  • Employee Growth Rate: 8.23%
    • Analysis: This growth rate is indicative of a healthy economy, likely fuelled by sector diversification and new business development.
  • Top Growing Sectors:
    • Analysis: The top-growing sectors like ‘Takeaways’, ‘Consumer estate agency services’, ‘Waste management services’, ‘Insurance services’, and ‘Internet platform’ show a trend towards service-oriented businesses, reflecting changing consumer preferences and technological advancements.

Sector Dynamics

  • Top Sectors by Company Numbers: Professional and technical activities, Administrative services, Wholesale and retail trade, Construction, and Real Estate.
    • Analysis: These sectors form the backbone of Worcester’s economy, showing a balance between traditional industries like construction and modern services like IT.
  • Sector Raisers: Particularly notable growth in niche sectors such as takeaways, estate agency, and waste management.
    • Analysis: This growth highlights adaptive business strategies in response to market demands and may indicate emerging opportunities for entrepreneurs and investors.

Business Continuity

  • Company Cessations: 775
    • Analysis: While this figure suggests some business closures, it’s important to view it in the context of the total number of companies (6,073) and new companies (858). The data implies a dynamic business environment with ongoing renewal.

Conclusion

Worcester’s economic landscape is marked by a strong and diverse employment base, growth in modern service sectors, and a dynamic business environment. The city shows resilience and adaptability, with potential for continued economic growth and diversification.

The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.