Wolverhampton - Economy

Economy

Traditionally, Wolverhampton's economy has been dominated by engineering and manufacturing industries. However, by 2008 the economy was dominated by the service sector, with 74.9% of the city's employment being in this area. The major subcomponents of this sector are in public administration, education and health (32.8% of the total employment), while distribution, hotels and restaurants take up 21.1%, and finance and IT takes up 12.7%. The largest non-service industry was that of manufacturing (12.9%), whilst 5.2% of the total employment is related to the tourism industry.

The largest single employer within the city is Wolverhampton City Council. which has over 12,000 staff Other large employers within the city include:

• Banking: Birmingham Midshires (headquarters)
• Education: University of Wolverhampton and City of Wolverhampton College
• Construction: Tarmac, Carillion (headquarters) & Carvers
• Brewing: Marston's, formerly Wolverhampton & Dudley Breweries
• Aerospace: H S Marston, MOOG and Goodrich Actuation Systems a part of Goodrich Corporation
• Retail: Beatties (now owned by House of Fraser)
• Manufacturing: Chubb Locks
• National Health Service, New Cross Hospital

Wolverhampton is one of the major retail centres in the West Midlands Region, being placed at fourth largest in 2006, with an annual turnover of £384 million. It is expected to become the second largest retail centre within the region by 2015.

Many of the traditional industries in the city have closed or dramatically downsized. Famous companies once based in the city include:

• Steel manufacturing; British Steel, later known as Corus. Wolverhampton was one of Britain's top three iron and steel producing centres. Most of the steel industry no longer exists in this city, but remnants of the areas numerous old steel works still exist.
• Vehicle manufacturers and Motor Industry: AJS, Clyno, Guy Motors, Henry Meadows, Kieft Cars, Norton-Villiers, Sunbeam, Sunbeam Motorcycles
• Aerospace: Boulton Paul Aircraft
• Tyres: Goodyear Tire and Rubber Company
• Paint, varnish, printing inks and property: Mander Brothers

Goodyear opened a large factory on Stafford Road, Fordhouses, in 1927. However, it was decided in December 2003 that tyre production at the plant would be discontinued with the loss of more than 400 jobs. This came after some 2,000 job losses at the plant since 1997. The end of production came in 2004 but the factory remains open for tyre moulding and tractor tyre production.

Unemployment within the City Council area at November 2007 was 4.7%, which varied across wards, with three wards having rates of over 7% (being Ettingshall, St Peter's and Heath Town), and three wards with rates less than 3% (Penn, Tettenhall Wightwick and Tettenhall Regis).