Overview
Wyre Forest showcases a diverse economic landscape, with a significant presence in administrative, transportation, and retail sectors. The area has a total of 31,718 employees, reflecting a complex employment structure. Despite a small decline in employee growth, the region maintains a robust mix of small and medium-sized enterprises (SMEs), exporters, and companies with foreign parentage. The gender diversity in founding and directorial positions, along with a mix of young and experienced company directors, points to a dynamic business environment.
Employment and Business Growth
- Total Employees: 31,718. The employee count in Wyre Forest, although sizeable, has experienced a slight decline of -1.36%.
- Employee Growth: The decline in employee numbers suggests a need for economic revitalisation or a shift in sector dynamics.
- Rising Sectors: The top sectors showing growth include Mobile Apps, Health and Fitness, Personal Services, Business Healthcare Supplies, and Medical Devices. These sectors, though currently small, indicate emerging trends and potential areas for future growth.
Sector Dynamics
- Top Sectors by Company Numbers: The leading sectors in Wyre Forest are Administrative and Support Service Activities (24.88%), Transportation and Storage (16.91%), and Wholesale/Retail Trade (13.99%). These sectors are the backbone of the local economy, providing a broad base of employment and business activity.
- Emerging Sectors: The growth in sectors like Mobile Apps and Medical Devices suggests a gradual diversification of the local economy, which could be pivotal for future economic resilience.
Business Continuity
- Company Cessations: 1,271 companies have ceased operations, which could be indicative of challenging business conditions or sectoral shifts.
- New Companies: 2,832 new companies in the last two years and a total of 1,004 SMEs demonstrate entrepreneurial activity and the potential for economic renewal.
- Scaleups: There are 25 scaleup companies, indicating some level of successful business expansion in the region.
- Exporters and Foreign Parent Companies: With 142 exporters and 57 companies with foreign parentage, there’s evidence of international business engagement, beneficial for local economic diversity and resilience.
Leadership and Innovation
- Gender Diversity in Leadership: 5.56% female founders and 39.57% female directors suggest a moderate level of gender diversity in business leadership.
- Director Age Groups: A healthy mix of director age groups, with significant representation in the 30-40 (23.43%) and 50-60 (20.42%) age brackets, indicates a balance between experienced and relatively younger business leaders.
- Innovation Indicators: 72 patent owners and 1 grantee reflect some level of innovation activity in the area.
Conclusion
Wyre Forest presents a mixed economic picture, with strong traditional sectors and emerging areas of growth. The slight decline in employee numbers is a concern, but new company formations and sector diversification suggest potential for future growth. The moderate level of gender diversity in leadership and the balance in director age profiles indicate a dynamic business environment. Continued focus on emerging sectors and innovation can further strengthen the economic health of Wyre Forest.