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Key Industry Profiles

Introduction

The Labour Market in Wales

Many people want to stay in Wales to start their career following a period of study here. These pages have been written to give a broad “feel” of the Welsh economy and to provide an outline of some of the major employment sectors.

Wales Overview

  • Wales is an integral region of the United Kingdom and the European Union. The Welsh Economy is built on a free enterprise approach and the free trade system.
  • Wales has a population of some 2.9 million people, with the greatest concentration found in the South East and the North East. The largest city in Wales is the Capital, Cardiff, with other major city centres being Swansea, Newport and Wrexham; this is where the majority of opportunities tend to arise.
  • The Welsh economy is diverse, incorporating cutting edge technologies in electronics and IT, manufacturing, engineering, telecommunications, media, leisure, tourism and agriculture. Its heritage of innovation and creativity means that many leading companies now thrive in Wales. Wales has one of the most developed business infrastructures in Europe.
  • Into the 21st Century, Wales has transformed into a technologically advanced economy with new key industries focussed on high-tech electronics, aerospace, engineering and telecommunications. As well as boasting some of the highest manufacturing productivity rates in the U.K, Wales also employs the most cutting edge means of doing e-business in an environment where the costs of setting up are among the lowest in the U.K. As a result, 4 of the worlds 6 largest electronics manufacturers have established themselves here.
  • According to the Small Business Services organisation, 99% of businesses in Wales are Small to Medium Sized Enterprises (SMEs), employing less than 250 people; and the majority of these businesses are classified as micro-organisations i.e. businesses with less than 10 employees. Despite their high number however, SMEs are not the major employer.
  • The Public Sector is the largest employer across all the Welsh Regions.
  • Over the past 20 years, over 1,500 companies have invested some £13 billion in Wales, consequently Wales now has a significant presence of larger commercial and manufacturing companies.
  • Wales has shifted away from the heavy extractive and manufacturing industries which shaped its past and has embraced technology and the future. The view of Wales as a land of coal mines and steel works is outmoded.
  • One of the key employers in South Wales is now the communications and associated service industries. These include global brands such as BT, Vodaphone, T-Mobile and NTL, all of which have bases and call centres in Wales. High-tech and opto-electronics companies producing semi-conductor wafer boards and fibre optic technology are prospering in Wales, and is employing over 30% of the U.K's work force in this sector. The aerospace and biotechnology companies are also expanding. 170 Healthcare companies have invested in Wales and employ over 13,000 staff.
  • Wales also mirrors the prolific, world-wide growth in the media industry. Wales has some of the best regional and national media of every kind in the U.K. These include print and broadcast, film and television, music and entertainment. There is also a thriving professional service industry including news agencies, public and media relations consultancies and production companies which can cater for all the media needs of business. Wales is already leading the way for the next step in the television industry with S4C digital and one of the most advanced and widespread digital cable networks in the UK.
  • Helping to fuel this growth in Welsh media are Welsh Universities, which have an international reputation for providing some of the best degrees in all aspects of the media.
  • Agriculture and food processing is also a key industrial sector in Wales. Approximately 80% of Wales remains devoted to agriculture with some 30,000 holdings, the majority of which are dependant on livestock production. Under the guidance of the National Assembly, the Agri-food partnership has been established to help improve efficiency and profitability in the industry. The annual Royal Welsh Show in Builth Wells is a showcase for the industry. Within the food processing sector, seven of the U.K's top ten food processors have operations in Wales. These are multi-nationals including Unilever and Kellogs.
  • Tourism and Leisure are now also key industries, with Wales' popularity as a holiday destination mirroring the rapid development of the tourist industry in the U.K as a whole. This sector employs an estimated 100,000 people and brings £2 billion to the Welsh economy each year.
Source: www.walesworldnation.com