WeWork economy in total supports S$1.69 billion of Singapore’s GDP

WeWork unveiled Singapore findings from its 2019 Global Impact Report  that assesses WeWork’s economic ripple effect for people and businesses, neighborhoods, and cities in 75 cities around the world. WeWork is an American company that provides shared workspaces for technology startup subculture communities, and services for entrepreneurs, freelancers, startups, small businesses and large enterprises.

WeWork has partnered with HR&A Advisors, Inc., an industry-leading real estate and economic development consulting firm, to develop this first detailed economic and fiscal impact analysis of the WeWork global economy.

Globally, the WeWork economy supports 680,000 jobs and approximately S$166.2 billion (US$122.3 billion) in total GDP. In Singapore, the WeWork economy in total supports S$1.69 billionof GDP in the city.

Locally, the WeWork economy has an economic multiplier of 2.7 – meaning for every WeWork member, another 1.7 jobs are supported across the city. In total, the WeWork economy supports almost 15,000 jobsin Singapore. 90% of WeWork members such as  job search engine Indeed, and customer communication API platform Nexmo; are in the Innovation Economy.

“Being a pioneer in our expertise of connecting space and people, we have seen how businesses have been truly transformed from the ‘We’ community. Globally over the past nine years, our members have flourished, and with their success, entrepreneurs have become small businesses, and then big enterprises,” said Turochas “T” Fuad, Managing Director, WeWork Southeast Asia. “We’re privileged to have the world’s largest and most influential brands among our stable of members owing to the global scale and flexibility we provide, along with the access to talent and culture.”

Fuelling communities of innovation, entrepreneurship and creativity, WeWork Singapore has also expanded its reach through its additional innovation arm, WeWork Labs, a platform that supports early-stage startups and corporations seeking to transform their industries. In partnership with educational institutions such as Ngee Ann Polytechnic, the appointed partner of Innovators Academy under the Singapore Economic Development Board, WeWork is empowering the next generation of future leaders together with the school’s Global Innovation Alliance Office, fortifying WeWork’s commitment to contributing back to the local innovation ecosystem.

“Through our partnership with WeWork, students on the Global Entrepreneurial Internship program, managed by the Global Innovation Alliance Office at Ngee Ann Polytechnic, learn what it means to be part of the Innovation Economy, and how their contributions can have a positive impact on communities in Singapore and the region,” said Anna Yeow, Head, Global Innovation Alliance Office.

Grounded in WeWork’s mission of supporting the growth of entrepreneurs, enterprise members are turning to WeWork to expand their global footprint. 49% of enterprise members globally say that WeWork has helped them enter new markets, and 78% of enterprise WeWork members say that WeWork has helped them attract and retain talent. In fact, over one-third of the Global Fortune 500 are WeWork members.

“With WeWork 8 Cross Street as a launchpad for our latest Thales Digital Factory in Singapore, this also marks Digital Factory’s first Asia market outside of France and Canada. Along with synergies of housing in a WeWork, this has greatly supported us in further accelerating innovation and digital transformation in the region,” said Simon Mussard, Head of Thales Digital Factory Singapore. “Powered by WeWork’s global network, and its strength in being a platform for talent attraction and retention, this helps us in getting one step closer to becoming a true partner to the local ecosystem.”

Echoing the Committee on the Future Economy’s views on how small and medium enterprises (SMEs) are an important pillar of the economy, the WeWork 2019 Global Impact Report also found that the average job growth rate across small and medium-sized WeWork member companies in Singapore is 27%, where 21% of WeWork members who are entrepreneurs in Singapore are also first-time entrepreneurs.

Inclusion for one means inclusion for all. Globally, regardless of firm size, 39% of all senior roles (executives, senior managers, managers and sole proprietors) at WeWork member companies are held by women, compared to 24% of those roles held by women globally. In Singapore, 33% of all senior roles at WeWork member companies are held by women, compared to 23% of those roles held by women in Asia.