The Gross Domestic Product (GDP) in Wyre Forest was worth an estimated £1.9 billion in 2019, according to figures published by the ONS. Wyre Forest's GDP growth between 2018 and 2019 was 3.7% per year. Compare GDP by area.
The Retail industry is the largest in Wyre Forest based on the number of jobs, accounting for 12.3% of roles in the area.
2019 ONS figures suggest that there are 43,000 jobs in Wyre Forest, which has a working-age (aged 16-65) population of 58,499. The 2019 job density in Wyre Forest is 0.74, meaning there are 0.74 jobs per member of the Wyre Forest working-age population.
Wyre Forest had a mean average salary for full-time employees of £28,553 in 2021. Wyre Forest's unemployment rate is 3.6% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Wyre Forest is 58,499 or 57.8% of the total population.
In 2021, 96.4% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 16.9% are self-employed, and 83.1% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Wyre Forest working-age (aged 16-64) population who have a degree or higher is 33.8%, which is below the 42.8% degree qualification rate for England.
Over 55% of the Wyre Forest working-age population have at least 2 A-levels (or equivalent), and 4% have no qualifications.
Main page: Wyre Forest Salary
The average salary in Wyre Forest as of 2021 is £28,553. Between 2020 and 2021, average salaries grew by £1,281. Compare average salaries by area.
Wyre Forest's salary growth rate is 4.70% per year based on changes in average salary between 2020 and 2021, which is 4.70% higher than the average salary growth rate in Wyre Forest over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Wyre Forest is Corporate Managers And Directors, accounting for 8% of all roles in the area. In England as a whole, the largest job group is Business & Public Service Assoc. Professionals.
The fastest-growing type of job in Wyre Forest is Health & Social Care Assoc. Professionals, with roles increasing 64% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Corporate Managers And Directors||3,500||7.7%||25.0%|
|Teaching And Educational Professionals||3,500||7.7%||12.9%|
|Skilled Metal, Electrical And Electronic Trades||3,500||7.7%||-23.9%|
|Other Managers And Proprietors||2,800||6.2%|
|Caring Personal Service Occupations||2,800||6.2%||21.7%|
There was a 4% decrease in roles between 2019 and 2020. In England as a whole, there was a 2% decrease.
Based on the total number of jobs, the largest industry in Wyre Forest is Retail. Other major industries include Health, which represents over 10% of roles in Wyre Forest.
Financial & Insurance companies make up 1% of the Wyre Forest economy that's lower than the average for England as a whole (~3%).
2% of the total jobs in Wyre Forest are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Transport & Storage||3,500||9.6%|
|Business Administration & Support||3,500||9.6%|
The fastest-growing industry in Wyre Forest is Business Administration & Support, with jobs in the sector increasing 56% between 2019 and 2020 from 2,250 to 3,500. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Wyre Forest between 2019 and 2020 was Accommodation & food services, which saw an 29% decrease in roles, going from 3,500 to 2,500. In England more broadly the industry with the biggest year on year decline was Arts, entertainment & recreation, with roles decreasing by 8%.
The Information and communication industry includes many of the top companies of the future. In Wyre Forest, the number of roles in this sector has risen by 20% over the past year, above the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 10 large businesses in Wyre Forest, making up 0.2% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 40 medium-sized businesses based in Wyre Forest, making up 0.9% of total businesses - in England, 1.5% of businesses are medium-sized. A medium-sized business is defined as having between 50 and 249 employees.
There are 320 small businesses based in Wyre Forest, making up 7.5% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Wyre Forest's unemployment rate is 3.6% that's 2% lower than the average unemployment rate for England as a whole. Unemployment rates are the number of unemployed people as a percentage of the working-age population.
The main group within the unemployment population is Long-term Sick, representing 29.5% of the unemployed population.
Secondary classifications include groups: student, retired, all of which represent over 10% of the unemployed population.
In England as a whole, students are the main group within the unemployed population, accounting for 28.9% of the unemployed population.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics