Overview
Wyre’s economic landscape reveals a diverse range of sectors, with Construction, Wholesale and Retail Trade, and Professional, Scientific, and Technical activities leading in company numbers. Despite no IPOs, a notable 7.75% growth in employee numbers and the emergence of 28 scaleups indicate a dynamic and growing business environment. The presence of 123 exporters and 28 companies with foreign parentage underscores the region’s international business connections. The gender diversity in founding and directorship roles, though skewed towards male dominance, shows a significant female representation, especially in directorial positions.
Employment and Business Growth
- Total Employees: 22,451. Wyre has experienced a healthy growth in employment, with a 7.75% increase. This growth is reflective of a robust economic environment, potentially fueled by the diversity in its business sectors.
- Employee Growth: With 35 companies reporting increases in employee numbers, this trend underscores the region’s expanding economic activity and potential for further job creation.
Sector Dynamics
- Top Sectors: Construction (881 companies, 15.45%), Wholesale/Retail Trade (878 companies, 15.39%), and Professional, Scientific, and Technical activities (749 companies, 13.13%) dominate the local economy, indicating a balanced mix of traditional and knowledge-based industries.
- Sector Growth: Notable sector growth is seen in Other Retail and Wholesale, signaling a vibrant local consumer market and trade activities.
Business Development
- Scaleups: The presence of 28 scaleups highlights Wyre’s supportive environment for growing businesses, crucial for long-term economic sustainability.
- New Companies (2 Years): 1,432 new companies in the last two years, suggesting a thriving entrepreneurial spirit and a conducive environment for startups.
Business Continuity
- Company Cessations: 6,660 companies ceased operations, juxtaposed with 673 companies reported dead. These figures highlight challenges in the business landscape, emphasising the need for supportive measures for business continuity and resilience.
Conclusion
Wyre’s economic landscape is marked by a diverse mix of sectors, notable employment growth, and a vibrant startup scene. Challenges in business continuity need attention, but overall, the council’s economic activities suggest a dynamic and growing business environment.