Welsh business births increased by 17% in a 12 month period. New government data analysis conducted by Love Energy Savings has revealed that Wales has had the overall highest rate of business growth year-on-year.
Between 2016 and 2017 (the latest government data available) business births in Wales increased by an incredible 17%.
Wales has been bolstered by increased demand and strong business survival rates which has created thousands of new jobs. A scheme developed by the Welsh government to boost the local economy, the Accelerated Growth Programme, also aided this growth.
Unlike England where the most popular business sector is Professional, Scientific and Technical, in Wales, Agriculture, Forestry and Fishing is the most popular.
Phil Foster, CEO of Love Energy Savings, said:
“It’s incredible to see how quickly Wales has become an established business hub for the Agriculture, Forestry and Fishing industry, and it’s great to see business owners continuing to choose Wales as the go-to destination for their ventures.
“We’re also excited to find out how the increase in demand for agricultural services will carry on contributing to this growth, and whether the rising number of job opportunities in this sector will continue playing a role in Wales’ success.
“Love Energy Savings will continue to support businesses throughout the UK and hopefully, we’ll see Wales continuing to grow along with other regions over the next few years.”
Interactive map: How is UK business performing in 2019?
Love Energy Savings analysed UK government data on business activity, size and location. Through the data, they created a map that highlights the number of business births, deaths, average company turnover, average household income and average energy costs in the UK.
They also analysed industry data, including FinTech, transport and energy.
The data used for the content was taken from a range of different reports. Some of these reports include data for 2018, whereas others do not. Therefore, some of the date ranges used may differ. We have, however, used the latest available figures in every instance.