New inward investment projects in Wales promised to create more than 3,000 jobs last year, according to new official figures from the UK Government.
Data from the Department for Business and Trade shows the number (3,062) in 2022-23, represented nearly 4% of the 79,549 jobs created by 1,654 projects across the UK. Year-on-year the new job creation in Wales was up 66% with the number of projects (47) rising 9%.
The figures count both new inward projects into the UK and expansions for foreign-owned firms already here, as well as from merger and acquisition activity. Projects in Wales safeguarded a further 948 jobs - nearly 15% of the UK total of 6,646.
For the UK as a whole the new jobs created was below the 84,759 in 2021-22, but significantly higher than 2018-19 when the number was 57,625.
However, nearly a third of new projects (528) and a quarter of all new jobs (20,647) were into London.
On a per capita basis, Wales outperformed Scotland on job creation. Despite winning three times as many projects (130) the new jobs created in Scotland was 3,428 - with a further 1,240 safeguarded. Northern Ireland secured 33 projects with a job creation figure of 1,416.
Economy Minister Vaughan Gething said: “The Welsh Government is committed to ensuring Wales is a great place to live, work and do business by creating the environment where businesses and people can thrive and succeed.
“The fact that Wales has witnessed an increase in investment during a period of significant political and economic shocks shows the approach the Welsh Government is taking to promoting Wales and our capabilities is working.
“We will continue to do all we can to sell Wales internationally by promoting Welsh strengths and successes on the global stage.”
Secretary of State for Wales, David TC Davies, said: “It is fantastic to see an increase in inward investment into Wales and the thousands of new jobs it has brought with it. As a government we will continue to promote Wales and the UK as a whole as a great place to invest and do business.
“One of the UK Government’s top priorities is to grow the economy and to ensure our businesses are seizing the opportunities we are generating at home and abroad.”
Foreign-owned firms expanding in Wales, include US-owned semiconducter manufacturing firm SPTS with a new £80m headquarters in Newport , which will create more than 300 additional jobs. Siemens Healthcare, the life science division of German owned Siemens Group has launched a new centre of excellence in healthcare technology in Llanberis to focus on research and development and manufacturing, safeguarding the current workforce of 400 and creating a further 92 jobs.
There are over 1,395 foreign owned businesses located in Wales, employing more than 161,400 people. These include blue chip investors such as Airbus, Toyota, General Dynamics, Deloitte, Siemens Healthcare and Oracle.
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