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Economic Data Geography - predominantly rural; however Swindon is a significant growth pole nationally – as well as locally – and will be a major contributor to our aspirations for economic growth. Wiltshire’s market towns have a rich industrial and historic heritage and make a significant contribution to the local and national economies – both in the traditional (manufacturing) and new (knowledge-based) economies. What we have in common is a drive to succeed and grow, based on a forward-looking, ‘can do’ culture – building a business base fit for the future. The Partnership has a significant economic, geographic and social footprint. The area’s economic profile is distorted by travel-to-work patterns – there are a significant number of high earning out-commuters – inter and extra area – that mask the low wage economy that exists in the rural areas and some urban wards. Statistics: NEET numbers Average 6.8% (Wiltshire 5.4%, Swindon 8.2%) Unemployment Total Claimant Count Average 3.7% (Wiltshire 2.6%, Swindon 3.5%) Conurbations – primary town is Swindon (200,000) with significant centres of population in Chippenham, Salisbury and Trowbridge. The remainder of the sub-national area is dominated by a market town economy and reliance on private transport is significant due to the absence of a viable public transport infrastructure. The GVA of the area reflects the gap between the rural and urban areas, where the high performing businesses are mostly located. This contributes to the high CO2 emissions recorded. Productivity – Swindon is the dominant force in this area with some of the highest figures in the UK. Its GVA of £30,118ph is 147% of the national average. Wiltshire, with £17,313, has seen its productivity fall over recent years – now 85% of the UK average. This disparity highlights the differing nature of the challenges facing the area. However, the average wages are far closer with a male full-time worker in Swindon earning £26,546, Wiltshire £26,033 – both have a disparity of 1.8 between male/female workers. The business base - is dominated by a cluster of global companies in the M4 corridor, with a diverse SME community elsewhere. There is a greater resilience in business survival in Wiltshire (66.7%, Swindon 63%); however the rate of new business start-ups is broadly equal across the area.
Economic Profile The Partnership straddles the major strategic transport routes to the South West, South East and Wales. It offers a compelling combination of quality of life, pro-active business culture, access to other major economic zones and the human and physical capital to support economic growth. The area’s position as a ‘pivotal gateway’ to these other major economic areas puts it in a strong position to build economic growth, wealth creation and jobs. The Wiltshire economy benefits from the "M4 corridor effect", which attracts business, and the attractiveness of its countryside, towns and villages. The northern part of the county is richer than the southern part, particularly since Swindon is home to national and international corporations such as Honda, BMW, Intel, Alacatel-Lucent, Motorola, Pathheon, Beckton-Dickinson, WHSmith, and Nationwide. Further into Wiltshire, Dyson made its home in Malmesbury, as did Cow & Gate and Nestle in Trowbridge and Dolby Europe in Wotton Bassett. Wiltshire’s employment structure is distinctive in having a significantly higher number of people in various forms of manufacturing and engineering - especially with electrical equipment and apparatus, food products, furniture, rubber, and pharmaceuticals - than the national average. This high level of GVA ensures that Swindon and Wiltshire remains one of the highest producers of goods and services in the UK. In addition, there is higher than average employment in public administration and defence, due to the military establishments around the county, particularly around Amersham and Corsham. There are sizeable Army barracks at Tidworth, Bulford and Warminster, whilst the Royal Air Force retain a presence with RAF Lyneham, which is home to the Hercules C130 fleet. At Porton Down is located the Government's advanced DSTI (Defence Science Technolgy Laboratory). The county is also known for its excellent tourist destinations that include Stonehenge, Avebury, Coate Water, Lydiard Park and many, many town museums housing rare artificats. Wiltshire is also distinctive in having a high proportion of its working age population who are economically active – (81%), and its low unemployment rates. Economic Profile - Swindon The Partnership straddles the major strategic transport routes to the South West, South East and Wales. It offers a compelling combination of quality of life, pro-active business culture, access to other major economic zones and the human and physical capital to support economic growth. The area’s position as a ‘pivotal gateway’ to these other major economic areas puts it in a strong position to build economic growth, wealth creation and jobs. Geography – Located at the centre of the 'high-tech M4 corridor' between London and Bristol, Swindon offers businesses unrivalled access to other UK and worldwide business centres. The town is equally associated with the Thames Valley as it is with South West England. Around 15% of the country’s major economic hubs can be reached within a 60 minute drive (defined as a location where a mix of the most financial, commercial, and cultural activities take place within a county and/or region) can be reached within a 60 minutes’ drive. Example locations include Reading, Slough, Basingstoke, Newbury, Gloucester, Bath, and Bristol). The business base - is dominated by a cluster of global companies in the M4 corridor, with a diverse SME community elsewhere. There is a high level of resilience in business survival in Wiltshire (66.7%, Swindon 66.8%); however the rate of new business start-ups is broadly equal across the area. Between its 7000 businesses, there were 6,700 new jobs created between 2004-2011. Swindon will be a major contributor to our aspirations for economic growth. Originally built around the railway industry, today it is leading the field in new sectors such as biotechnology, ICT and R&D. The town still offers a traditional (manufacturing) base whilst supporting these new (knowledge-based) economies. What we have in common is a drive to succeed and grow, based on a forward-looking, ‘can do’ culture – building a business base fit for the future. Many successful international companies are already well-established in Swindon, such as RWE n-power, Intel, Zurich Financial Services and Nationwide Building Society.
Growing companies that have recently relocated their UK headquarters to the town include The DTI Technology Strategy Board, Handelsbanken (the major Scandinavian bank), Book Club Associates, English Heritage and The National Trust. Canadian firm Wardrop Engineering has recently chosen Swindon as its UK base. In recent years, several national enterprises chose to relocate their UK operations to Swindon, including ODS Business Services, which moved staff from Milton Keynes, and Dialog Semiconductor which came from Edinburgh. Productivity – Swindon is the dominant force in this area with some of the highest figures in the UK. Its GVA per head of £30,233pa is 47% above the national average. The average wages are far closer with a male full-time worker in Swindon earning £27,466, and Wiltshire £26,784 – both have a disparity of 1.8 between male/female workers. Swindon’s thriving economy Major organisations from a wealth of sectors have based their operations in Swindon, attracted by the town's skilled and productive workforce. We have:
Key Statistics: Land Mass 230 sq. km Further information can be found at www.forwardswindon.co.uk/business Economic Profile - Wiltshire Geography
Wiltshire provides a unique mix of market town and rural landscape at the heart of Southern England. Covering 3,255 square kilometres, 46% of which is designated as an area of outstanding natural beauty (AONB), it is predominantly a rural county with a low population density, making it an attractive place to live and work.
The county’s primary urban settlements to the north are Chippenham and Trowbridge, each with good access to the M4, M5 and Western mainline rail, enabling travel to Bristol, Cardiff, London and the Midlands. To the south, Salisbury with its rich historical heritage, has strong transport links to Southampton and beyond. The county’s position as a ‘pivotal gateway’ to these other major economic areas puts it in a strong position for economic growth, wealth and job creation.
The Business Base
Of the 21,300 VAT registered businesses, the Wiltshire economy is dominated by a diverse range of small firms (97.4%), the majority of which employ fewer than 10 people. This predominance of small, dynamic firms and their resilience has partially cushioned the economy from the recent recession. Although Wiltshire experienced a net loss of businesses during 2009 (1.5%), its losses have been modest when compared to the South West region (2.2%) and the national average (1.9%).
Companies employing over 200 people account for just 0.5% of the business base, but provide 24.3% of employment in the area. This reflects the capacity for the economy to support a larger number of medium and large sized enterprises, which would reap the benefits of considerable economies of scale. Wiltshire’s key strengths include:
Economic Performance
Wiltshire has historically experienced Gross Value Added growth rates below that of the surrounding region and the UK. The county generated £7.437 billion for the UK economy in 2006, the sixth highest level of in the region.
Gross Value Added per hour is £17,313 in Wiltshire, which has fallen recently to 85% of the national average. However, such figures for rural areas do tend to be lower than urban areas due to net out-commuting. A comparison of South West sub-regional performance on output per worker displays that Wiltshire is the fifth most competitive sub-regional economy in the South West (out of twelve sub-regions).
In 2010, Gross Disposable Household Income per head in Wiltshire stood at £15,776, the third highest in the South West and considerably higher than the UK average.
Employment & Skills
Wiltshire's well-educated workforce is central to the county's competitiveness. The high proportion of residents qualified to NVQ level 3 and above has attracted and retained the high value added sectors which support and develop the local economy. For instance, 35% of the population is educated to NVQ level 4 and above compared to a national average of 31.3%.
The well educated workforce is supported by the relatively high economic activity rate in Wiltshire (80.9%) compared to the region (78.3%) and the country (76.2%). Wiltshire has also performed reasonably well during the recession, with 2.1% of the population registered on Job Seekers Allowance in December 2011 compared to 2.7% and 3.9% for the South West and the UK respectively.
Key Statistics
Land Mass: 3,255 km sq
Population: 460,000 Working Age Population: 279,000 Workforce - % of working age in Employment: 80.9% JSA Claimant Count: 2.1%
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