Sectors That Are Thriving Through Tough Economic Times In Swansea

Sectors that are thriving through tough economic times in Swansea
Swansea is commonly referred to as the service centre for South West Wales. Although it was originally founded as a mining centre, after WWII Swanseas economy shifted more towards service oriented professions. Today over 90 % of the people employed in Swansea work in service sectors including education and health, public administration and banking and finance. The citys annual median income is 21,557.

During the 21st century employment in Swansea has steadily risen. For instance, between 2001 and 2006 employment in Swansea grew by 16.2 %. This increase was larger than any other country in Wales. During this same time period, manufacturing jobs in Swansea were cut by more than 25%, more evidence of the fact that the economy has shifted more to the service sector. Despite these drastic cuts, there are still several major manufacturing companies employing labour in Swansea. Of the employed population in Swansea, 14.3 % reported that they worked in associate professional and technical occupations. Another 12.9 percent reportedly work in administrative and secretarial occupations and the third largest share of the workforce, 11.2% are employed in sales and customer service occupations. Most of the labour force is composed of workers classified as employees with very few instances of self-employed workers.

While overall the UK economy has faced some tough economic times, several sectors of employment have seen growth in Swansea. One area of growth in Swansea is the retail industry. Part of the reason behind the growth is the upwardly-mobile highly educated workforce of Swansea residents. Swansea has a higher percentage of National Quality Framework (NQF) level 4 employees than the average Welsh country. The university continues to have a high retention rate ensuring an educated workforce.

With 70% of the Swansea working-age population employed, most of the citys businesses are outside of the city centre. To deter this trend, the Welsh Development Agency is taking proactive steps to redevelop the waterfront district and to attract technology firms to the area. Additionally, officials are hopeful that the development of the Life Sciences Centre at the university will attract more skilled labour and higher-paying jobs.

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