Local Economic Assessment highlights Wiltshire’s ‘robust’ Covid recovery
The Swindon and Wiltshire 2025 Local Economic Assessment has been released, detailing the area’s economic performance, challenges and opportunities.
Published by the Swindon and Wiltshire Business Growth Unit, the assessment provides a detailed analysis of the area’s economy, summarising the economic performance over the last five years along with the challenges and opportunities the region now faces.
The report shows the combined economic output of Swindon and Wiltshire contributes a significant £26 billion in Gross Value Added (GVA) to the UK economy. Wiltshire accounts for 56% (£14.4 billion) of this total, while Swindon contributes 44% (£11.5 billion).
The official statistics data shows that in terms of GVA output Wiltshire experienced a robust recovery post-Covid-19 pandemic, achieving a growth rate of 5% between 2019 and 2022.
In contrast, Swindon saw a slight economic contraction of 1% during the same period, thought largely due to the closure of the Honda manufacturing plant in 2021 being reflected in the data.
The findings show the top sectors driving the economy in Swindon and Wiltshire include real estate, financial and insurance services, manufacturing, professional, scientific and technical services, and wholesale and retail trade.
Swindon has a notable reliance on financial and insurance services, which account for 26% of its GVA, while Wiltshire’s economy is bolstered by public administration and defence, contributing 14% to its GVA. The report also includes data for sectors which are expected to grow the most locally and in the UK which includes advanced engineering, defence, life and natural sciences and environmental technologies, cyber, creative industries and professional businesses services.
Labour productivity in Swindon and Wiltshire was seen to increase, with Swindon leading the way at £88,240 per job filled, ranking 12th out of 296 local authorities in England. Wiltshire’s productivity has also grown by 12% but remains below the national average at £53,893 per job filled. The difference in output is the result of a different mix of sectors in the two areas.
The region faces challenges in employment, with a 1% decline in total employment between 2018 and 2023, contrasting with a 5% increase nationally. That said, levels of economic inactivity remain lower than the national rate and may present some challenges in filling jobs vacancies. Over recent years both areas have seen very strong growth in the number of residents working in higher skilled occupations, potentially indicating positive change in the labour market and opening up opportunities for higher skilled and higher paid roles for residents.
Swindon and Wiltshire are home to 28,555 enterprises, representing 13% of the South West’s business base. The majority of these businesses are micro-organisations employing fewer than nine people. However, the area has seen a decline in its business base, with a net loss of 1,370 businesses between 2019 and 2024.
The region has shown resilience in trade, with a notable recovery in exports and imports post-pandemic. The region’s trade with non-EU countries has grown significantly, accounting for 66% of exports in 2022.
The LEA highlights several future trends that will shape the economic landscape of Swindon and Wiltshire, including the green transition, automation and AI, and changing global trade dynamics. The area is well-positioned to leverage these trends to drive sustainable and inclusive growth with the support of government funding and private sector investment.
Councillor Helen Belcher, Cabinet Member for Economic Development, said, “The 2025 Local Economic Assessment is an invaluable resource that provides a robust evidence base for our economic strategies. By understanding the current economic landscape, we can make informed decisions that foster business and drive sustainable growth.
This assessment points to the importance of strategic investments in key sectors. by addressing the challenges and capitalising on the opportunities identified in the LEA, we can foster growth, create new jobs and opportunities for our residents.”
Councillor Jim Robbins, Leader of Swindon Council, added, “The 2025 Local Economic Assessment provides a vital snapshot of Swindon’s economic landscape, highlighting both our strengths and the exciting opportunities ahead.
“With a renewed focus on town centre regeneration and the significant potential at Panattoni Park, we are well-positioned to attract new inward investment and create high-quality jobs.
“We are committed to working collaboratively with businesses, communities, and stakeholders to build a resilient, inclusive, and prosperous future for everyone in Swindon.”
The Swindon and Wiltshire Business Growth Unit is dedicated to supporting the sustainable and inclusive growth of Swindon and Wiltshire. Through strategic initiatives, partnerships, and business support programmes, the unit aims to create a thriving and resilient economy that benefits all residents.
