Newly released figures from the UK Government reveal that there was a significant rise in new jobs in Wales last year thanks to inward investment projects, as defined by investment into the domestic economy by external and foreign entities. These projects created 3,062 jobs and safeguarded a further 948 jobs in Wales, according to data from the Department for Business and Trade.
The figure represented nearly 4% of the jobs created by inward investment projects across the UK. Year-on-year analysis shows that new job creation in Wales is up 66% and the number of projects has risen by 9%.
Oliver Carpenter, Policy Manager at Chambers Wales South East, South West and Mid, said:
“The latest figures released by the UK Government’s Department for Business and Trade demonstrate the significant positive impact of new inward investment projects on the Welsh economy. These projects have resulted in the generation of over 3,000 employment opportunities in Wales this year.
“Wales showcase a 9% increase year-on-year, reflecting the Welsh private sector’s flexibility, resilience and ambition for growth during difficult circumstances. Wales accounted for nearly 4% of the total 79,549 jobs generated across the UK over the same period, with Wales having higher job creation than Scotland on a per capita basis. Wales also safeguarded almost 1,000 jobs, 15% of the UK total.
“This upward trend in job creation not only signifies the potential strength of the Welsh economy but also reinforces Wales’ reputation as an attractive destination for foreign investment, with over 1,300 foreign owned businesses operating in Wales. It is time to celebrate the success of Welsh businesses despite the pressures they are under. Chambers Wales South East, South West and Mid hopes that these great stories inspire policymakers to continue to have faith in the private sector and to invest in SMEs as the backbone of our economy.”