Overview
Wrexham, a significant hub in the UK, exhibits a diverse economic landscape with strong sectors in construction, professional services, and retail trade. The area shows promising growth in employment and business development, though challenges in certain sectors and company continuity are evident.
Employment and Business Growth
- Total Employees: 41,077. Wrexham has seen a notable increase in employment, with 235 businesses reporting a rise in employee numbers. This growth indicates a robust and expanding job market.
- Percentage Employee Growth: 10.36%. This substantial growth reflects the city’s dynamic economic environment and business confidence.
- Top Sectors by Company Count: Construction (835 companies), Professional Services (754), and Retail Trade (732) dominate, indicating a balanced economic structure with strengths in both traditional and service-oriented sectors.
- Top Sectors Showing Growth: Notable risers include Clothing, Toys/Games, Educational Services, Property Development, and Manufacturing, showcasing diversity in emerging business sectors.
Business Continuity
- Company Cessations: 6109. A significant number of businesses have ceased operations, highlighting potential challenges in sustaining long-term business growth.
- Number of New Companies (Last 2 Years): 1239. This demonstrates a dynamic entrepreneurial environment despite the high cessation rate.
- SMEs: 4324. Small and medium-sized enterprises form the backbone of Wrexham’s economy, vital for employment and innovation.
- Exporters: 180. This relatively modest number suggests room for growth in international trade.
Entrepreneurial and Innovation Landscape
- Number of IPOs: 0. The absence of IPOs indicates a need for further development in the capital markets sector.
- Number of Scaleups: 38. These high-growth businesses are crucial for economic expansion and job creation.
- Female Founders: 27.66%. This percentage, while significant, highlights a gender gap in entrepreneurship.
- Female Directors: 27.14%. Similar to founders, female representation in company leadership shows room for improvement.
Conclusion
Wrexham’s economy is characterised by a strong and diverse business landscape, significant employment growth, and an active entrepreneurial scene. However, challenges such as high company cessation rates and underrepresentation of women in leadership positions need addressing to sustain long-term economic health.