Number of businesses in Wales grows by 11% since 2011

Economy Minister Edwina Hart is urging budding entrepreneurs to consult Business Wales to help turn their business ambitions into reality – as latest figures reveal the number of business enterprises operating in Wales has grown by more than 10% under the current Welsh Government.

At the start of Global Entrepreneurship Week (November 16-22), the Minister has welcomed latest figures indicating that since 2011 there has an 11% increase in the number of enterprises doing business in Wales.

There were 231,110 businesses in Wales in 2014, compared to 207,740 in 2011, with employment within these businesses increasing from 998,000 to 1,058,500 over the same period.

Figures also show that since its launch in January 2013, the Business Wales service (operated by Welsh Government) has assisted with the creation of 9,177 new businesses across Wales – creating 12,216 jobs and safeguarded a further 3,193 jobs.

Economy Minister Edwina Hart said:

“This good news comes at the start of Global Entrepreneurship Week (GEW), which celebrates the success of entrepreneurs and will hopefully inspire others to follow their lead.

“Welsh Government is committed to supporting the creation of new enterprises and business growth and these latest figures clearly illustrate how important they are in terms of job creation, spreading prosperity and contributing to the Welsh economy.

“We are continuing to invest and enhance the Business Wales service to help businesses at every stage of their development – from initial start up to those looking to grow their businesses.

”Wales has a thriving culture of young entrepreneurs, with some of the highest rates of entrepreneurial activity in the UK. As GEW gets underway, I would encourage anyone with ambitions to start a business in Wales or anyone with a bright idea that could form the basis of a business to contact Business Wales to try to turn those ideas, dreams and ambitious into reality.

“Last year 238 events were held throughout Wales during GEW with around 17,800 participants. It illustrated the entrepreneurship culture is becoming embedded in Wales through a range of Welsh Government-backed initiatives such as our Youth Entrepreneurship Strategy and the Big Ideas Challenge.”