Report: Wales’ Three Biggest Cities Compared
The Centre for Cities has released a new report that sheds light on the significant variations between Wales’ three largest cities, Cardiff, Swansea, and Newport, in comparison to the rest of the UK. The report delves into various aspects such as house prices, wages, and air quality to provide a comprehensive analysis.
Wage Disparities:
The research highlights how pay divides within the UK are stark, with cities like London boasting average salaries of £49,500, significantly higher than the Welsh average of £32,200. Welsh cities struggle with below-average salaries and have not seen significant pay increases since the financial crisis in 2008.
Urban vs. Non-Urban Areas:
The report indicates that workplace wages in urban areas of Wales are higher compared to non-urban regions. While the national average weekly wage stands at £716, urban areas in Wales average £647, with non-urban areas lagging behind at £600.
Business Growth Potential:
Productivity growth is expected to be driven by cutting-edge sectors like AI and net zero technologies. Cardiff appears to be leading the way in this aspect, with a higher proportion of ‘new economy’ firms compared to Swansea and Newport.
Maximising Wage Potential:
Despite the potential for higher wages, Cardiff, Swansea, and Newport are all operating below their wage potential. Cardiff comes closest to the national average weekly wage, while Swansea faces challenges in bridging the wage gap.
City Growth and Productivity:
Swansea emerges as one of the slowest-growing cities, with a meager population increase and low productivity levels. The city also lags in business start-ups and closures, indicating a challenging economic landscape.
Private vs. Public Sector Jobs:
Swansea struggles with a lower ratio of private to public sector jobs, falling below the UK average. The city also records below-average weekly workplace earnings, reflecting wider economic disparities among Welsh cities.
Educational Attainment:
Cardiff stands out as the Welsh city with the highest percentage of individuals lacking formal qualifications. This underscores the importance of addressing educational disparities to enhance workforce skills and opportunities.
Housing Market and Sustainability:
Swansea faces significant challenges in the housing market, with substantial price increases and stagnant housing stock growth. Moreover, both Newport and Swansea rank poorly in terms of greenhouse gas emissions and air quality, signalling environmental sustainability concerns.
In conclusion, the report provides valuable insights into the economic landscape of Wales’ major cities, highlighting both areas of progress and challenges that need to be addressed for sustainable growth. As policymakers and stakeholders focus on fostering economic development and improving quality of life, addressing wage differentials, educational attainment, and environmental sustainability will be crucial for enhancing the overall prosperity of Welsh cities.