Economy and industry of Cardiff
Encyclopedia
As the capital city
of Wales
, Cardiff
is the main engine of growth in the Welsh economy; the city has been developing as a significant service centre and economic driver for the wider south east Wales economy. The city and the adjoining Vale of Glamorgan
contribute a disproportionately high share of economic output in Wales. The Cardiff Travel to Work Area
has grown significantly since 1991; the 2001-based version includes much of the central South Wales Valleys
in addition to the Vale of Glamorgan.
In the 19th century, the economy of Cardiff benefitted most from coal exportation and steel production. Cardiff's port became the world's most important coal port, handling more than London and Liverpool.
Today, Cardiff is a centre for white-collar professions. The city relies principally on the retail, finance, media and tourism sectors, and has been undergoing major rengeration since the late 20th century particularly in Cardiff city centre
and Cardiff Bay
.
Public administration, education and health is the largest sector in Cardiff, providing employment for 32% of the city's workforce. Cardiff is the main financial and business services centre in Wales and as such, the sector provides employment for 20% of the city's workforce. This sector, combined with the Public Administration, Education and Health sectors, have accounted for around 75% of Cardiff's economic growth since 1991.
20.4% of employees in Cardiff are based in the distribution, hotels and restaurants sector, highlighting the growing retail and tourism industries in the city. A major £675 million regeneration programme for Cardiff's St. David's Centre
was carried out between 2006 and 2009 which provides a total of 1400000 square feet (130,064.3 m²) of shopping space, making it one of the largest shopping centres in the United Kingdom.
Cardiff has above average levels of employment in the financial services sector in comparison with Wales and Great Britain as a whole. The city has above average representation in sectors such as financial services, the provision of call centres, TV and film, and the manufacture of pharmaceutical preparations. Employment growth sectors in Cardiff have, to an extent, mirrored national trends, with particularly high levels of growth in construction, distribution, hotels and restaurants, transport and communications, banking, finance and insurance, and public administration, education and health.
the Butetown
ward.
Unemployment has risen considerably in Cardiff. Between 2000 and 2008 the total number of unemployment claimants in Cardiff stood at around 5,000. By 2010 this figure had risen to around 10,000. Claimant rate in Cardiff is significantly higher for men (6.0%) than for the city’s female (2.2%) population.
Average earnings for workers in Cardiff lead the all Wales average. As of 2009 full-time gross weekly earnings in Cardiff stood at almost £460, compared with almost £490 for the UK, and £440 for Wales. Earnings in Cardiff have grown 45% between 1998 and 2009, more or less
mirroring the UK and Wales average trends.
At £483.20, average weekly earnings for residents in Cardiff are relatively close to the UK average of £488.70, and significantly greater than the Welsh average of £444.90. As average residents in the city are earning more than the average worker, this implies that those travelling into the city to work earn less than those who live in Cardiff. Average earnings for residents in Cardiff are higher than many other major UK cities, such as Birmingham, Leeds and Liverpool, although they do still lag the UK average as well as Bristol and Edinburgh.
. In the same year, Gross Value Added
per head was £21,195. This figure is higher than both the Welsh and UK GVA per head at £14,853 and £19,951 respectively, as well as cities including Birmingham, Manchester and Liverpool. Total GVA growth between 1995 and 2007 was 91%.
Cardiff is also particularly highly qualified in comparison with other cities in the UK. 32% of its residents have a degree or equivalent. Of the major cities outside London, only Edinburgh and Brighton have a higher proportion of its working age population with a degree or equivalent.
What transformed Cardiff into a big city was the demand for coal required in making iron and later steel, brought to the sea by packhorse
from Merthyr Tydfil
. The Ironmasters, the proprietors of the smelters in Dowlais and Merthyr, wanted to reduce the cost of carrying iron by road to ships berthed in the estuary of the River Taff
at Cardiff. They sought permission of Parliament to build a 25 miles (40.2 km) long canal from Merthyr (510 feet above sea-level) to the Taff Estuary at Cardiff.
Work on building the Glamorganshire Canal
began in 1790, took eight years and involved installing 50 locks. The Cardiff Sea Lock, which enabled barges to unload iron into seagoing ships, was built at Harrowby Street (Harrowby - a Viking place-name - had been the original Norse trading post in Cardiff). Eventually the Taff Vale Railway
replaced the canal barges and massive marshalling yards sprang up as new docks were developed in Cardiff - all prompted by the soaring worldwide demand for south Wales coal. By 1907 Cardiff's docks had 11 kilometres (6.8 mi) of quayage, one of the largest dock systems in the world at that time.
Cardiff's port
, known as Tiger Bay
, became - for some time - the world's most important coal
port, and for a few years before World War I the tonnage handled at the port outstripped London and Liverpool
(however, some statistical tables conflate Barry and Penarth
trade figures with Cardiff's, so the role of the coal port can be inflated). In 1907, Cardiff's Coal Exchange was the first host to a business deal for a million pounds Sterling
.
Competition from the new docks at Barry from the 1890s, and falling demand for Welsh coal during the interwar period
, contributed to the decline of the port. By the 1980s large areas of Cardiff docks were derelict, and a regeneration
project that eventually transformed South Cardiff began.
by the Sea', established Cardiff as a major steelmaking
centre in the 1890s and was the first example of the Welsh industry's move from inland to coastal locations. The plant's main products were steel plates for shipbuilding
(though it did not provide the hoped-for stimulus for a local shipbuilding industry) and by the 1930s it was manufacturing half a million tons of steel per year. Although the East Moors works closed in 1978, steel production continues in Cardiff at the Celsa Steel UK plant in Cardiff Bay
, which produces reinforcing bars and wire
.
Retail
also plays a strong role in the city's employment, with it being listed as being the 6th best place to shop in the UK according to recent surveys. The majority of Cardiff's shopping portfolio is in the city centre around Queen Street and St. Mary's Street. There are also numerous suburban retail parks serving the city.
Cardiff retail sector is dominated by three main shopping arcades located in the city centre; St. David's Centre
, Queens Arcade and the Capitol Centre
. The current expansion of St. David's Centre as part of the St. David's 2 project is allowing a huge piece of land between The Hayes
and Charles Street to be demolished and redeveloped, bringing around 200 shops, flats and a John Lewis department store to the city. This will more than double the available floor space, making it one of the largest shopping centres in the United Kingdom. As well as these modern shopping arcades, the city is still home to many Victorian shopping arcades, such as High Street Arcade, Castle Arcade, Wyndham Arcade, Royal Arcade and Morgan Arcade.
There are two main shopping streets in the city centre. Queen Street is home to the main chain stores such as Topshop
, Topman
, Boots, Gap
, Dorothy Perkins
, Primark
, and Zara
to name a few. The second main street, St. Mary Street and High Street, is home to Wales' oldest and largest department store, Howells and is also home to smaller independent stores. Also of note is The Hayes
, home to Spillers Records
, which was established in 1894 and is officially recognised as the world's oldest record shop. The city is also host to S A Brain, a brewery
with premises in Cardiff since 1882. The current brewery is located next to Central Station
.
Cardiff has a number of markets: these include the vast Victorian indoor Central Market
, Splott Market, Riverside Farmers Market and associated farmers' markets in Roath, Rhiwbina and LLandaff North which all specialise in locally-produced and organic produce, and a smaller 'fruit & veg' style St. David's Market on Barrack Lane which will be improved with the coming of St. David's 2. Several out-of-town retail parks also exist, in locations such as Newport Road, Culverhouse Cross, Cardiff Gate and Cardiff Bay.
There have been a number of issues relating to city centre shopping, most recently the cost of parking in the city centre and the experimental banning of private cars on St. Mary's Street. Both have been heavily criticised by some sectors of the media, public and retailers.
Up to one million extra shoppers a month have been coming into the capital since the new phase St. David's opened.
Footfall counters have recorded around one million extra visitors per month in early 2010 compared to 2009.
Today, Cardiff is the principal finance
and business services centre in Wales, and as such there is a strong representation of finance and business services in the local economy. In December 2003, 33,850 individuals were employed in the sector - higher than the proportion across both Wales (9.6%) and Great Britain (15.4%) . The city was recently placed seventh overall in the top 50 European cities in the fDI 2008 Cities of the Future list published by the fDi magazine
, and also ranked seventh in terms of attracting foreign investment.
Legal & General
, Admiral Insurance
, HBOS
, Zurich
, ING Direct, The AA
, Principality Building Society
, 118 118
, British Gas, Brains, SWALEC Energy
and BT
(based in Stadium House
) all operate large contact centres in the city, many based in Cardiff's office towers such as Capital Tower
and Brunel House. Other major employers include NHS Wales and the National Assembly for Wales
.
The Cardiff-based Bank of Wales
was founded in 1971, but was later taken over by HBOS
and the brand name dropped.
, S4C
and ITV Wales
all having studios in the city. Employment in the sector has grown significantly in recent years, and currently provides employment for 2.1% of the city's workforce - higher than the level across Wales (1.1%) and marginally lower than that across Great Britain as a whole (2.2%). Red Dragon FM
, Real Radio
, BBC Radio Wales
and Radio Cymru all have their main studios in Cardiff.
A cluster of content driven providers is also flourishing in the city including design, animation, gaming, TV production, film, music, and
journalism businesses.
Cardiff is one of the most popular tourist destination cities in the United Kingdom, with 14.6 million visitors in 2009, an increase 50% in 10 years, who spent £703.6 million in the city, an increase of 36% since 2004 In recent years, the city has become a major as a tourist destination, with recent accolades including being voted the eighth favourite UK city by readers of the Guardian, being listed as one of the top 10 destinations in the UK on the official British tourist board's website Visit Britain, and US travel guide Frommers listing Cardiff as one of 13 top destinations worldwide for 2008.
The large-scale redevelopment of Cardiff at the beginning of the 21st century has turned the city into a far more popular destination for foreign visitors. The most foreign tourists come from France
and Republic of Ireland
, with Cardiff as the fifth most visited UK city by Australia
ns. According to VisitBritain
, "visitors told us that the attraction of Cardiff as a glorious capital city, with an historical resonance, was the reason for visiting".
Cardiff's top attraction is the Wales Millenium Centre, which in 2007 recorded almost 900,000 visitors, ahead of the National Museum
, the St Fagans National History Museum
and Cardiff Castle
. In addition, Cardiff's status as the location of venues such as the Millennium Stadium
means that the city receives influxes of anything up to 100,000 visitors during major sporting events such as Six Nations
and Rugby World Cup
matches.
There are a large number of hotels within the city, most notably the five-star Hilton
hotel in the city centre, and St David's Hotel & Spa
located in Cardiff Bay
. Hotels operated by Copthorne
and Marriott
are also located in Cardiff, along with numerous smaller hotels, bed and breakfast
s and hostels. These are mainly located on St Mary Street, Newport Road and the Taff Embankment opposite the Millennium Stadium. In total, the city's hotels have almost 9,000 available bed spaces.
According to monitoring undertaken by Tourism Development & Visitor Services, 96% of visitors described their visit to Cardiff as either ‘enjoyable’ or ‘very enjoyable’ (Cardiff Visitor Survey, 2009). Of visitors surveyed, 94% rated the overall quality of their visit as ‘Excellent’ or ‘Good’ with 97% of respondents saying that they would recommend a visit to the city. (Visitor Satisfaction
Questionnaire 09/10). The majority (95%) reported that they had been made to feel welcome during their visit to the city. Attractions, in particular Cardiff Bay and Cardiff Castle, along with people and atmosphere were mentioned most frequently as the best thing about a visit to Cardiff. The most popular locations visited/intended to be visited by all visitors were Cardiff Bay (55%), the shops (53%) and Cardiff Castle (51%). For visitors from the UK Cardiff’s shops were most likely to be visited (50%) whilst the priorities for visitors from overseas were Cardiff Castle (80%) and Cardiff Bay (70%).
has a growing international reputation for research expertise in bioscience related disciplines. Major international companies like GE Healthcare (employing over 1,000 people locally), Shaw Healthcare, Bio Trace and Cogent, compliment an innovative small firm sector attracted by the
University and the 2,500 local students and 500 doctorates in bioscience related disciplines.
in Cardiff Bay which will play a part in London 2012 Olympics
. It features the only olympic-standard swimming pool in Wales, the Cardiff International Swimming Pool, which opened on 12 January 2008.
The Tiger Bay area also housed one of the UK's earliest non-white immigrant communities. After a long period of neglect, it has now been regenerated as Cardiff Bay
- a popular area for culture, entertainment
and nightlife. Much of the growth has been thanks to the building of the Cardiff Barrage.
Two large international business parks are planned for the north of Cardiff, the largest being at Thornhill which may include the building of a new junction on the M4 motorway
, the other being at junction 33.
The average house price in Cardiff is £181,226, which represents a drop of -0.5% since last year. Cardiff has a strong rental market, particularly in the city centre and Cardiff Bay where house rentals are almost double the national average and the number of total transactions exceeds the total number of properties. According to Zoopla.co.uk the average house price in Cardiff is £188,910, the most expensive post code in Cardiff is CF15 with an average house price of £237,174 which covers suburbs such as Tongwynlais, Radyr and Pentyrch in the North of the City.
House sales in the city rose by 60% in May 2009 in spite of the housing slump and economic recession. House prices are lower than at the peak of the boom but are now rising again.
Capital City
Capital City was a television show produced by Euston Films which focused on the lives of investment bankers in London living and working on the corporate trading floor for the fictional international bank Shane-Longman....
of Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
, Cardiff
Cardiff
Cardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
is the main engine of growth in the Welsh economy; the city has been developing as a significant service centre and economic driver for the wider south east Wales economy. The city and the adjoining Vale of Glamorgan
Vale of Glamorgan
The Vale of Glamorgan is a county borough in Wales; an exceptionally rich agricultural area, it lies in the southern part of Glamorgan, South Wales...
contribute a disproportionately high share of economic output in Wales. The Cardiff Travel to Work Area
Travel to Work Area
A Travel to Work Area or TTWA is a statistical tool used by UK Government agencies and local authorities, especially by the Department for Work and Pensions and Job Centres, to indicate an area where the population would generally commute to a larger town, city or conurbation for the purposes of...
has grown significantly since 1991; the 2001-based version includes much of the central South Wales Valleys
South Wales Valleys
The South Wales Valleys are a number of industrialised valleys in South Wales, stretching from eastern Carmarthenshire in the west to western Monmouthshire in the east and from the Heads of the Valleys in the north to the lower-lying, pastoral country of the Vale of Glamorgan and the coastal plain...
in addition to the Vale of Glamorgan.
In the 19th century, the economy of Cardiff benefitted most from coal exportation and steel production. Cardiff's port became the world's most important coal port, handling more than London and Liverpool.
Today, Cardiff is a centre for white-collar professions. The city relies principally on the retail, finance, media and tourism sectors, and has been undergoing major rengeration since the late 20th century particularly in Cardiff city centre
Cardiff city centre
Cardiff city centre is the central business district of Cardiff, Wales. The area is tightly bounded by the River Taff to the west, the Civic centre to the north and railway lines and two railway stations - Central and Queen Street - to the south and east respectively...
and Cardiff Bay
Cardiff Bay
Cardiff Bay is the area created by the Cardiff Barrage in South Cardiff, the capital of Wales. The regeneration of Cardiff Bay is now widely regarded as one of the most successful regeneration projects in the United Kingdom. The Bay is supplied by two rivers to form a freshwater lake round the...
.
GDP
The economy of Cardiff and adjacent areas makes up nearly 20% of Welsh GDP and 40% of the city's workforce are daily in-commuters from the surrounding south Wales area.Employment
Total employment in Cardiff stood at 190,948 in 2008, a rise from 149,000 in 1991 to 176,700 in 2005, and has been growing at around 2005 per annum in recent years, almost double the rate across Great Britain (1.3%). In addition, an estimated 18,000 people are self-employed, taking the total workforce to around 194,000. Following the decline of the city's heavy industry in the latter part of the 20th century, the economy of Cardiff is now dominated by the service sector (see table of employment by industry below) with just 9% of employees – 15,650 individuals – engaged in manufacturing activities.Public administration, education and health is the largest sector in Cardiff, providing employment for 32% of the city's workforce. Cardiff is the main financial and business services centre in Wales and as such, the sector provides employment for 20% of the city's workforce. This sector, combined with the Public Administration, Education and Health sectors, have accounted for around 75% of Cardiff's economic growth since 1991.
20.4% of employees in Cardiff are based in the distribution, hotels and restaurants sector, highlighting the growing retail and tourism industries in the city. A major £675 million regeneration programme for Cardiff's St. David's Centre
St. David's Centre
St. David's is one of the principal shopping centres in the city centre of Cardiff, capital of Wales. Located in The Hayes area of the southern city centre...
was carried out between 2006 and 2009 which provides a total of 1400000 square feet (130,064.3 m²) of shopping space, making it one of the largest shopping centres in the United Kingdom.
Cardiff has above average levels of employment in the financial services sector in comparison with Wales and Great Britain as a whole. The city has above average representation in sectors such as financial services, the provision of call centres, TV and film, and the manufacture of pharmaceutical preparations. Employment growth sectors in Cardiff have, to an extent, mirrored national trends, with particularly high levels of growth in construction, distribution, hotels and restaurants, transport and communications, banking, finance and insurance, and public administration, education and health.
Unemployment
In 2010, the city had an unemployment rate of 4.4% - although this represents a slight increase from the 2.2% recorded in 2004 when it compared favourably with the Wales average of 5.2% and the United Kingdom average of around 8%,. In 2010 unemployment in Cardiff was higher than the Wales and UK rates, but lower than in Birmingham, Liverpool, Glasgow and Manchester. Unemployment in Cardiff is concentrated in the southern areas of the city, and is highest inthe Butetown
Butetown
Butetown is a community in the south of the city of Cardiff, the capital of Wales. It was originally a model housing estate built in the early nineteenth century by John Crichton-Stuart, 2nd Marquess of Bute, for whose title the area was named...
ward.
Unemployment has risen considerably in Cardiff. Between 2000 and 2008 the total number of unemployment claimants in Cardiff stood at around 5,000. By 2010 this figure had risen to around 10,000. Claimant rate in Cardiff is significantly higher for men (6.0%) than for the city’s female (2.2%) population.
Earnings
| Year | Regional GVA Gross value added Gross Value Added ' is a measure in economics of the value of goods and services produced in an area, industry or sector of an economy... |
Agriculture | Industry | Services |
|---|---|---|---|---|
| 1995 | 4,753 | 11 | 1,110 | 3,632 |
| 2000 | 6,584 | 10 | 1,302 | 5,277 |
| 2003 | 8,201 | 11 | 1,374 | 6,816 |
| 2005 | 8,978 | 11 | 1,465 | 7,502 |
| 2007 | 9,432 | 11 | 1,565 | 7,856 |
Average earnings for workers in Cardiff lead the all Wales average. As of 2009 full-time gross weekly earnings in Cardiff stood at almost £460, compared with almost £490 for the UK, and £440 for Wales. Earnings in Cardiff have grown 45% between 1998 and 2009, more or less
mirroring the UK and Wales average trends.
At £483.20, average weekly earnings for residents in Cardiff are relatively close to the UK average of £488.70, and significantly greater than the Welsh average of £444.90. As average residents in the city are earning more than the average worker, this implies that those travelling into the city to work earn less than those who live in Cardiff. Average earnings for residents in Cardiff are higher than many other major UK cities, such as Birmingham, Leeds and Liverpool, although they do still lag the UK average as well as Bristol and Edinburgh.
GVA
In 2007, Cardiff and the Vale of Glamorgan had a GDP of £9.432 billion GBPPound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
. In the same year, Gross Value Added
Gross value added
Gross Value Added ' is a measure in economics of the value of goods and services produced in an area, industry or sector of an economy...
per head was £21,195. This figure is higher than both the Welsh and UK GVA per head at £14,853 and £19,951 respectively, as well as cities including Birmingham, Manchester and Liverpool. Total GVA growth between 1995 and 2007 was 91%.
Commuters
Out of 197,000 workers in Cardiff in 2008, 126,100 live in the city and 70,900 commute from the surrounding region. 27,100 people who live in Cardiff commute out of the city.Qualifications
Overall Cardiff’s qualified population consistently outperforms the Wales and UK averages by some distance. This is partly determined by demographics, with Cardiff’s relatively young population, and also the existence of a number of universities in the South East Wales region. In 2008, 38.5% of the city's population were qualified with an NVQ4+, compared to 26.5% in Wales and 28.9% in the UK. The proportion of Cardiff’s working age population with no qualifications is lower than the Wales and UK averages. 11.1% in the city had no formal qualification, compared to 14.1% in Wales and 12.7% in the UK.Cardiff is also particularly highly qualified in comparison with other cities in the UK. 32% of its residents have a degree or equivalent. Of the major cities outside London, only Edinburgh and Brighton have a higher proportion of its working age population with a degree or equivalent.
Industry
Since the 19th century, a number of differing industries have shaped the city, and continue to do so today.Coal
Packhorse
.A packhorse or pack horse refers generally to an equid such as a horse, mule, donkey or pony used for carrying goods on their backs, usually carried in sidebags or panniers. Typically packhorses are used to cross difficult terrain, where the absence of roads prevents the use of wheeled vehicles. ...
from Merthyr Tydfil
Merthyr Tydfil
Merthyr Tydfil is a town in Wales, with a population of about 30,000. Although once the largest town in Wales, it is now ranked as the 15th largest urban area in Wales. It also gives its name to a county borough, which has a population of around 55,000. It is located in the historic county of...
. The Ironmasters, the proprietors of the smelters in Dowlais and Merthyr, wanted to reduce the cost of carrying iron by road to ships berthed in the estuary of the River Taff
River Taff
The River Taff is a large river in Wales. It rises as two rivers in the Brecon Beacons — the Taf Fechan and the Taf Fawr — before joining to form the Taff north of Merthyr Tydfil...
at Cardiff. They sought permission of Parliament to build a 25 miles (40.2 km) long canal from Merthyr (510 feet above sea-level) to the Taff Estuary at Cardiff.
Work on building the Glamorganshire Canal
Glamorganshire Canal
The Glamorganshire Canal was a canal in south Wales, UK, running from Merthyr Tydfil to Cardiff. Construction started in 1790, and the 25 miles of canal was fully opened by 1794. Its primary purpose was to enable the Merthyr iron industries to transport their goods, and it later served the coal...
began in 1790, took eight years and involved installing 50 locks. The Cardiff Sea Lock, which enabled barges to unload iron into seagoing ships, was built at Harrowby Street (Harrowby - a Viking place-name - had been the original Norse trading post in Cardiff). Eventually the Taff Vale Railway
Taff Vale Railway
The Taff Vale Railway is a railway in Glamorgan, South Wales, and is one of the oldest in Wales. It operated as an independent company from 1836 until 1922, when it became a constituent company of the Great Western Railway...
replaced the canal barges and massive marshalling yards sprang up as new docks were developed in Cardiff - all prompted by the soaring worldwide demand for south Wales coal. By 1907 Cardiff's docks had 11 kilometres (6.8 mi) of quayage, one of the largest dock systems in the world at that time.
Cardiff's port
Port
A port is a location on a coast or shore containing one or more harbors where ships can dock and transfer people or cargo to or from land....
, known as Tiger Bay
Tiger Bay
Tiger Bay was the local name for an area of Cardiff which covered Butetown and Cardiff Docks. It was re-branded as Cardiff Bay following the building of the Cardiff Barrage which dams the tidal rivers Ely and Taff to create a body of water.-History:...
, became - for some time - the world's most important coal
Coal
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...
port, and for a few years before World War I the tonnage handled at the port outstripped London and Liverpool
Liverpool
Liverpool is a city and metropolitan borough of Merseyside, England, along the eastern side of the Mersey Estuary. It was founded as a borough in 1207 and was granted city status in 1880...
(however, some statistical tables conflate Barry and Penarth
Penarth
Penarth is a town and seaside resort in the Vale of Glamorgan , Wales, 5.2 miles south west from the city centre of the Welsh capital city of Cardiff and lying on the north shore of the Severn Estuary at the southern end of Cardiff Bay...
trade figures with Cardiff's, so the role of the coal port can be inflated). In 1907, Cardiff's Coal Exchange was the first host to a business deal for a million pounds Sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
.
Competition from the new docks at Barry from the 1890s, and falling demand for Welsh coal during the interwar period
Interwar period
Interwar period can refer to any period between two wars. The Interbellum is understood to be the period between the end of the Great War or First World War and the beginning of the Second World War in Europe....
, contributed to the decline of the port. By the 1980s large areas of Cardiff docks were derelict, and a regeneration
Urban renewal
Urban renewal is a program of land redevelopment in areas of moderate to high density urban land use. Renewal has had both successes and failures. Its modern incarnation began in the late 19th century in developed nations and experienced an intense phase in the late 1940s – under the rubric of...
project that eventually transformed South Cardiff began.
Steel
The construction of the East Moors Steelworks, known as 'DowlaisDowlais
Dowlais is a village and community of the county borough of Merthyr Tydfil, in Wales. As of 2001, it has a population of 6646.Dowlais is notable within Wales and Britain for its historic association with ironworking; once employing, through the Dowlais Iron Company, roughly 5,000 people, the works...
by the Sea', established Cardiff as a major steelmaking
Steelmaking
Steelmaking is the second step in producing steel from iron ore. In this stage, impurities such as sulfur, phosphorus, and excess carbon are removed from the raw iron, and alloying elements such as manganese, nickel, chromium and vanadium are added to produce the exact steel required.-Older...
centre in the 1890s and was the first example of the Welsh industry's move from inland to coastal locations. The plant's main products were steel plates for shipbuilding
Shipbuilding
Shipbuilding is the construction of ships and floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to before recorded history.Shipbuilding and ship repairs, both...
(though it did not provide the hoped-for stimulus for a local shipbuilding industry) and by the 1930s it was manufacturing half a million tons of steel per year. Although the East Moors works closed in 1978, steel production continues in Cardiff at the Celsa Steel UK plant in Cardiff Bay
Cardiff Bay
Cardiff Bay is the area created by the Cardiff Barrage in South Cardiff, the capital of Wales. The regeneration of Cardiff Bay is now widely regarded as one of the most successful regeneration projects in the United Kingdom. The Bay is supplied by two rivers to form a freshwater lake round the...
, which produces reinforcing bars and wire
Wire
A wire is a single, usually cylindrical, flexible strand or rod of metal. Wires are used to bear mechanical loads and to carry electricity and telecommunications signals. Wire is commonly formed by drawing the metal through a hole in a die or draw plate. Standard sizes are determined by various...
.
Retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
also plays a strong role in the city's employment, with it being listed as being the 6th best place to shop in the UK according to recent surveys. The majority of Cardiff's shopping portfolio is in the city centre around Queen Street and St. Mary's Street. There are also numerous suburban retail parks serving the city.
Cardiff retail sector is dominated by three main shopping arcades located in the city centre; St. David's Centre
St. David's Centre
St. David's is one of the principal shopping centres in the city centre of Cardiff, capital of Wales. Located in The Hayes area of the southern city centre...
, Queens Arcade and the Capitol Centre
Capitol Centre
Capitol Centre is an indoor shopping centre in the city of Cardiff, Wales. The building is built on the site of the former Capitol Cinema and theatre, and is situated at the eastern end of Queen Street near the Dumfries Place bus terminus and Cardiff Queen Street railway station.It advertises...
. The current expansion of St. David's Centre as part of the St. David's 2 project is allowing a huge piece of land between The Hayes
The Hayes
The Hayes is a commercial area in the southern city centre of the Welsh capital, Cardiff. Based around the road of that name leading south towards the east end of the city centre, the area is mostly pedestrianised....
and Charles Street to be demolished and redeveloped, bringing around 200 shops, flats and a John Lewis department store to the city. This will more than double the available floor space, making it one of the largest shopping centres in the United Kingdom. As well as these modern shopping arcades, the city is still home to many Victorian shopping arcades, such as High Street Arcade, Castle Arcade, Wyndham Arcade, Royal Arcade and Morgan Arcade.
There are two main shopping streets in the city centre. Queen Street is home to the main chain stores such as Topshop
Topshop
Topshop is a British clothes retailer with shops in over 20 countries and online operations in a number of its markets. Its sales come primarily from women's clothing and fashion accessories...
, Topman
Topman
TOPMAN is the stand-alone fashion business counterpart of Topshop that caters exclusively to men’s clothing. A part of the Arcadia Group, which also owns Burton, Miss Selfridge, Wallis, Evans, British Home Stores and Dorothy Perkins, Topman has a chain of high-street men's clothing stores located...
, Boots, Gap
Gap (clothing retailer)
The Gap, Inc. is an American clothing and accessories retailer based in San Francisco, California, and founded in 1969 by Donald G. Fisher and Doris F. Fisher. The company has five primary brands: the namesake Gap banner, Banana Republic, Old Navy, Piperlime and Athleta. As of September 2008,...
, Dorothy Perkins
Dorothy Perkins
Dorothy Perkins, whose trading name was inspired by a rambler rose of the same name, is a large British women's clothing retailer, active mostly in the United Kingdom.- History :...
, Primark
Primark
Primark is a clothing retailer, operating over 223 stores in Ireland , the United Kingdom, the Netherlands, Germany, Spain, Portugal and Belgium...
, and Zara
Zara (clothing)
Zara is a Spanish clothing and accessories retailer based in Arteixo, Galicia, and founded in 1975 by Amancio Ortega and Rosalía Mera. It is the flagship chain store of the Inditex group; the fashion group also owns brands such as Massimo Dutti, Pull and Bear, Oysho, Uterqüe, Stradivarius and...
to name a few. The second main street, St. Mary Street and High Street, is home to Wales' oldest and largest department store, Howells and is also home to smaller independent stores. Also of note is The Hayes
The Hayes
The Hayes is a commercial area in the southern city centre of the Welsh capital, Cardiff. Based around the road of that name leading south towards the east end of the city centre, the area is mostly pedestrianised....
, home to Spillers Records
Spillers Records
Spillers Records, established in 1894, is the oldest record shop in the world. It is located in Cardiff, Wales. In addition to selling music, it is the city's main location for buying tickets for alternative music concerts....
, which was established in 1894 and is officially recognised as the world's oldest record shop. The city is also host to S A Brain, a brewery
Brewery
A brewery is a dedicated building for the making of beer, though beer can be made at home, and has been for much of beer's history. A company which makes beer is called either a brewery or a brewing company....
with premises in Cardiff since 1882. The current brewery is located next to Central Station
Cardiff Central railway station
Cardiff Central railway station is a major railway station on the South Wales Main Line in Cardiff, Wales.It is the largest and busiest station in Wales and one of the major stations of the British rail network, the tenth busiest station in the United Kingdom outside of London , based on 2007/08...
.
Cardiff has a number of markets: these include the vast Victorian indoor Central Market
Cardiff Market
Cardiff Market , also known as Cardiff Central Market , is a Victorian indoor market in the Castle Quarter of Cardiff city centre, capital city of Wales.Originally the site of Cardiff gaol, the gallows were located on the site of the current St...
, Splott Market, Riverside Farmers Market and associated farmers' markets in Roath, Rhiwbina and LLandaff North which all specialise in locally-produced and organic produce, and a smaller 'fruit & veg' style St. David's Market on Barrack Lane which will be improved with the coming of St. David's 2. Several out-of-town retail parks also exist, in locations such as Newport Road, Culverhouse Cross, Cardiff Gate and Cardiff Bay.
There have been a number of issues relating to city centre shopping, most recently the cost of parking in the city centre and the experimental banning of private cars on St. Mary's Street. Both have been heavily criticised by some sectors of the media, public and retailers.
Up to one million extra shoppers a month have been coming into the capital since the new phase St. David's opened.
Footfall counters have recorded around one million extra visitors per month in early 2010 compared to 2009.
Finance
Cardiff is a thriving as a centre for financial and business services that accounts for 50,000 jobs in the city. Cardiff is home to a large number of globally recognised financial services companies which have continued to grow during the economic downturn due to a largely to a competitive business model and a skilled and qualified workforce.Today, Cardiff is the principal finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and business services centre in Wales, and as such there is a strong representation of finance and business services in the local economy. In December 2003, 33,850 individuals were employed in the sector - higher than the proportion across both Wales (9.6%) and Great Britain (15.4%) . The city was recently placed seventh overall in the top 50 European cities in the fDI 2008 Cities of the Future list published by the fDi magazine
FDi magazine
fDi Magazine is an English-language bi-monthly news and foreign direct investment publication owned by The Financial Times Ltd and edited in London. The A4 glossy pages reach a circulation of 14, 768 ABC “senior decision-makers involved in overseas investment” across the world...
, and also ranked seventh in terms of attracting foreign investment.
Legal & General
Legal & General
Legal & General Group Plc , commonly known as Legal & General, is a multinational financial services company headquartered in London, United Kingdom. Its products include life insurance, general insurance, pensions and investments. It has operations in the United Kingdom, Egypt, France, Germany,...
, Admiral Insurance
Admiral Insurance
Admiral, part of the Admiral Group, is a car insurance specialist which launched in January 1993. Its head offices are in Capital Tower, Cardiff, Wales. It also has offices in Swansea and Newport and Halifax, Nova Scotia...
, HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
, Zurich
Zurich Financial Services
Zurich Financial Services AG is a major financial services group based in Zurich, Switzerland.-History:The Company was founded in 1872 as subsidiary of the Schweiz Marine Insurance Company under the name Versicherung Verein...
, ING Direct, The AA
The Automobile Association
The Automobile Association , a British motoring association founded in 1905 was demutualised in 1999 to become a private limited company which currently provides car insurance, driving lessons, breakdown cover, loans and motoring advice, and other services...
, Principality Building Society
Principality Building Society
Principality is a Welsh building society based in Cardiff, the capital of Wales. With assets of just under £6bn it is the largest building society in Wales and the seventh largest in the United Kingdom. Principality Building Society is mutual, which means it is owned by its members rather than...
, 118 118
118 118 (UK)
118 118 is a UK directory enquiries provider based in Cardiff that assists customers with telephone number enquiries and general queries.The service is provided by The Number UK Ltd, a wholly owned subsidiary of US directory enquiries provider Knowledge Generation Bureau , whose company motto is...
, British Gas, Brains, SWALEC Energy
SWALEC
SWALEC was an electricity supply and distribution company which was bought out in 1996 for £872m following the de-regulation of the electricity supply industry in the UK....
and BT
BT Global Services
BT Global Services is a division of United Kingdom Telecommunications operator BT Group. It delivers a combination of communications and IT services to over 10,000 organisations and governments worldwide. Its customers include over 25% of the global Fortune 500 and it is the largest supplier of...
(based in Stadium House
Stadium House, Cardiff
Stadium House is the second tallest building in Cardiff, Wales, which stands next to the Millennium Stadium. The 255ft tall building is owned by BT Group, and recently underwent a £7.1 million refurbishment programme....
) all operate large contact centres in the city, many based in Cardiff's office towers such as Capital Tower
Capital Tower, Cardiff
Capital Tower located in Cardiff, Wales was the tallest structure in Wales until 12th Sept 2008 when Meridian Quay in Swansea was topped out. Standing at 80 metres to roof height, Capital Tower is slightly taller than Stadium House, which stands at 78 metres to roof height, though inclusion of the...
and Brunel House. Other major employers include NHS Wales and the National Assembly for Wales
National Assembly for Wales
The National Assembly for Wales is a devolved assembly with power to make legislation in Wales. The Assembly comprises 60 members, who are known as Assembly Members, or AMs...
.
The Cardiff-based Bank of Wales
Bank of Wales
The Bank of Wales was a bank based in Cardiff, Wales, founded by Sir Julian Hodge in 1971. The company provided commercial banking services to small and medium-sized businesses in Wales....
was founded in 1971, but was later taken over by HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
and the brand name dropped.
Media
Cardiff is home to the Welsh media and the UK's largest film, TV & multimedia sector outside London with BBC WalesBBC Wales
BBC Cymru Wales is a division of the British Broadcasting Corporation for Wales. Based at Broadcasting House in the Llandaff area of Cardiff, it directly employs over 1200 people, and produces a broad range of television, radio and online services in both the Welsh and English languages.Outside...
, S4C
S4C
S4C , currently branded as S4/C, is a Welsh television channel broadcast from the capital, Cardiff. The first television channel to be aimed specifically at a Welsh-speaking audience, it is the fifth oldest British television channel .The channel - initially broadcast on...
and ITV Wales
HTV
HTV, now legally known as ITV Wales & West, is the ITV contractor for Wales and the West of England, which operated from studios in Cardiff and Bristol. The company provided commercial television for the dual-region 'Wales and West' franchise, which it won from TWW in 1968...
all having studios in the city. Employment in the sector has grown significantly in recent years, and currently provides employment for 2.1% of the city's workforce - higher than the level across Wales (1.1%) and marginally lower than that across Great Britain as a whole (2.2%). Red Dragon FM
Red Dragon FM
Capital South Wales is a British independent local radio station broadcasting from Cardiff Bay . The station serves Cardiff, Newport and the surrounding areas, broadcasting to a potential audience of around 1 million people...
, Real Radio
Real Radio
Real Radio is a network of adult contemporary independent local radio stations in England, Scotland and Wales and is operated by . Each station broadcasts local breakfast through to drive time shows and network programming in the evening and through the night...
, BBC Radio Wales
BBC Radio Wales
BBC Radio Wales is the BBC's national radio station broadcasting to Wales in the English language. Operated by BBC Wales, it began broadcasting on 12 November 1978 following the demise of the old "Radio 4 Wales" when BBC Radio 4 became a national network and moved from medium wave to long wave...
and Radio Cymru all have their main studios in Cardiff.
A cluster of content driven providers is also flourishing in the city including design, animation, gaming, TV production, film, music, and
journalism businesses.
Information and Communications Technology
Cardiff has experienced significant investment in information and communications technology (ICT) infrastructure in recent years, with the city and wider region being well served by modern communications. Many industries covered by this sector have moved from high volume production to specialist, lower volume, high value-added production. Such research and development activity is anticipated to be the strongest driver of economic growth in the sector. Cardiff is also home to the European Centre of Research and Development.Tourism
| Attraction | No of Visitors |
|---|---|
| Wales Millenium Centre | 882,962 |
| St Fagans National History Museum St Fagans National History Museum St Fagans National History Museum , commonly referred to as St Fagans after the village where it is located, is an open-air museum in Cardiff chronicling the historical lifestyle, culture and architecture of the Welsh people... |
642,289 |
| National Museum National Museum Cardiff National Museum Cardiff is a museum and art gallery in Cardiff, Wales. The museum is part of the wider network of Amgueddfa Cymru – National Museum Wales... |
353,079 |
| Cardiff Castle Cardiff Castle Cardiff Castle is a medieval castle and Victorian architecture Gothic revival mansion, transformed from a Norman keep erected over a Roman fort in the Castle Quarter of Cardiff, the capital of Wales. The Castle is a Grade I Listed Building.-The Roman fort:... |
223,792 |
| National Assembly Debating Chamber Senedd The Senedd , also known as the National Assembly building, houses the debating chamber and three committee rooms for the National Assembly for Wales in Cardiff. The Senedd building was opened by Queen Elizabeth II on 1 March 2006 and the total cost was £69.6 million, which included £49.7M in... |
204,110 |
| Cardiff Bay Visitor Centre | 196,764 |
| Techniquest Techniquest Techniquest is a Welsh science and discovery centre. It has locations in Cardiff Bay, Glyndŵr University in Wrexham, Llanberis in Gwynedd, and the Adventure Center in Narberth, Pembrokeshire.... |
178,366 |
| Country of origin | No of Visitors |
|---|---|
| France France The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France... |
44,000 |
| Republic of Ireland Republic of Ireland Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,... |
36,000 |
| Germany Germany Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate... |
34,000 |
| United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
26,000 |
| Australia Australia Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area... |
22,000 |
Cardiff is one of the most popular tourist destination cities in the United Kingdom, with 14.6 million visitors in 2009, an increase 50% in 10 years, who spent £703.6 million in the city, an increase of 36% since 2004 In recent years, the city has become a major as a tourist destination, with recent accolades including being voted the eighth favourite UK city by readers of the Guardian, being listed as one of the top 10 destinations in the UK on the official British tourist board's website Visit Britain, and US travel guide Frommers listing Cardiff as one of 13 top destinations worldwide for 2008.
The large-scale redevelopment of Cardiff at the beginning of the 21st century has turned the city into a far more popular destination for foreign visitors. The most foreign tourists come from France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
and Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, with Cardiff as the fifth most visited UK city by Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
ns. According to VisitBritain
VisitBritain
VisitBritain is the name used by the British Tourist Authority, the tourist board of Great Britain incorporated under the Development of Tourism Act 1969....
, "visitors told us that the attraction of Cardiff as a glorious capital city, with an historical resonance, was the reason for visiting".
Cardiff's top attraction is the Wales Millenium Centre, which in 2007 recorded almost 900,000 visitors, ahead of the National Museum
National Museum Cardiff
National Museum Cardiff is a museum and art gallery in Cardiff, Wales. The museum is part of the wider network of Amgueddfa Cymru – National Museum Wales...
, the St Fagans National History Museum
St Fagans National History Museum
St Fagans National History Museum , commonly referred to as St Fagans after the village where it is located, is an open-air museum in Cardiff chronicling the historical lifestyle, culture and architecture of the Welsh people...
and Cardiff Castle
Cardiff Castle
Cardiff Castle is a medieval castle and Victorian architecture Gothic revival mansion, transformed from a Norman keep erected over a Roman fort in the Castle Quarter of Cardiff, the capital of Wales. The Castle is a Grade I Listed Building.-The Roman fort:...
. In addition, Cardiff's status as the location of venues such as the Millennium Stadium
Millennium Stadium
The Millennium Stadium is the national stadium of Wales, located in the capital, Cardiff. It is the home of the Wales national rugby union team and also frequently stages games of the Wales national football team, but is also host to many other large scale events, such as the Super Special Stage...
means that the city receives influxes of anything up to 100,000 visitors during major sporting events such as Six Nations
Six Nations Championship
The Six Nations Championship is an annual international rugby union competition involving six European sides: England, France, Ireland, Italy, Scotland and Wales....
and Rugby World Cup
Rugby World Cup
The Rugby World Cup is an international rugby union competition organised by the International Rugby Board and held every four years since 1987....
matches.
There are a large number of hotels within the city, most notably the five-star Hilton
Hilton Hotels Corporation
Hilton Worldwide is a global hospitality company. It is owned by the Blackstone Group, a private equity firm. As of July 2011 Hilton brands encompass 3,750 hotels with over 600,000 rooms in 84 countries...
hotel in the city centre, and St David's Hotel & Spa
St David's Hotel & Spa
St David's Hotel & Spa is a five-star hotel situated in Cardiff, Wales, just off the A4232 road, and close to Cardiff Bay railway station. It was the first five-star hotel in Wales. The building features a sweeping sail-topped roof and a lofty atrium lobby....
located in Cardiff Bay
Cardiff Bay
Cardiff Bay is the area created by the Cardiff Barrage in South Cardiff, the capital of Wales. The regeneration of Cardiff Bay is now widely regarded as one of the most successful regeneration projects in the United Kingdom. The Bay is supplied by two rivers to form a freshwater lake round the...
. Hotels operated by Copthorne
Millennium & Copthorne Hotels
Millennium & Copthorne Hotels plc is a leading British-based hotel business. Including the pipeline, the company owns or operates over 120 hotels in 19 countries around the world...
and Marriott
Marriott International
Marriott International, Inc. is a worldwide operator and franchisor of a broad portfolio of hotels and related lodging facilities. Founded by J. Willard Marriott, the company is now led by son J.W. Marriott, Jr...
are also located in Cardiff, along with numerous smaller hotels, bed and breakfast
Bed and breakfast
A bed and breakfast is a small lodging establishment that offers overnight accommodation and breakfast, but usually does not offer other meals. Since the 1980s, the meaning of the term has also extended to include accommodations that are also known as "self-catering" establishments...
s and hostels. These are mainly located on St Mary Street, Newport Road and the Taff Embankment opposite the Millennium Stadium. In total, the city's hotels have almost 9,000 available bed spaces.
According to monitoring undertaken by Tourism Development & Visitor Services, 96% of visitors described their visit to Cardiff as either ‘enjoyable’ or ‘very enjoyable’ (Cardiff Visitor Survey, 2009). Of visitors surveyed, 94% rated the overall quality of their visit as ‘Excellent’ or ‘Good’ with 97% of respondents saying that they would recommend a visit to the city. (Visitor Satisfaction
Questionnaire 09/10). The majority (95%) reported that they had been made to feel welcome during their visit to the city. Attractions, in particular Cardiff Bay and Cardiff Castle, along with people and atmosphere were mentioned most frequently as the best thing about a visit to Cardiff. The most popular locations visited/intended to be visited by all visitors were Cardiff Bay (55%), the shops (53%) and Cardiff Castle (51%). For visitors from the UK Cardiff’s shops were most likely to be visited (50%) whilst the priorities for visitors from overseas were Cardiff Castle (80%) and Cardiff Bay (70%).
Sciences
Cardiff has a strong cluster of around 100 bioscience related companies and organisations and Cardiff UniversityCardiff University
Cardiff University is a leading research university located in the Cathays Park area of Cardiff, Wales, United Kingdom. It received its Royal charter in 1883 and is a member of the Russell Group of Universities. The university is consistently recognised as providing high quality research-based...
has a growing international reputation for research expertise in bioscience related disciplines. Major international companies like GE Healthcare (employing over 1,000 people locally), Shaw Healthcare, Bio Trace and Cogent, compliment an innovative small firm sector attracted by the
University and the 2,500 local students and 500 doctorates in bioscience related disciplines.
Property & development
Cardiff is currently enjoying several regeneration projects like the £270 million International Sports VillageCardiff International Sports Village
Cardiff International Sports Village is located in Cardiff Bay in the city of Cardiff, Wales. It is one of the largest regeneration projects currently in the UK...
in Cardiff Bay which will play a part in London 2012 Olympics
2012 Summer Olympics
The 2012 Summer Olympic Games, officially known as the "London 2012 Olympic Games", are scheduled to take place in London, England, United Kingdom from 27 July to 12 August 2012...
. It features the only olympic-standard swimming pool in Wales, the Cardiff International Swimming Pool, which opened on 12 January 2008.
The Tiger Bay area also housed one of the UK's earliest non-white immigrant communities. After a long period of neglect, it has now been regenerated as Cardiff Bay
Cardiff Bay
Cardiff Bay is the area created by the Cardiff Barrage in South Cardiff, the capital of Wales. The regeneration of Cardiff Bay is now widely regarded as one of the most successful regeneration projects in the United Kingdom. The Bay is supplied by two rivers to form a freshwater lake round the...
- a popular area for culture, entertainment
and nightlife. Much of the growth has been thanks to the building of the Cardiff Barrage.
Two large international business parks are planned for the north of Cardiff, the largest being at Thornhill which may include the building of a new junction on the M4 motorway
M4 motorway
The M4 motorway links London with South Wales. It is part of the unsigned European route E30. Other major places directly accessible from M4 junctions are Reading, Swindon, Bristol, Newport, Cardiff and Swansea...
, the other being at junction 33.
The average house price in Cardiff is £181,226, which represents a drop of -0.5% since last year. Cardiff has a strong rental market, particularly in the city centre and Cardiff Bay where house rentals are almost double the national average and the number of total transactions exceeds the total number of properties. According to Zoopla.co.uk the average house price in Cardiff is £188,910, the most expensive post code in Cardiff is CF15 with an average house price of £237,174 which covers suburbs such as Tongwynlais, Radyr and Pentyrch in the North of the City.
House sales in the city rose by 60% in May 2009 in spite of the housing slump and economic recession. House prices are lower than at the peak of the boom but are now rising again.
See also
- Economy of WalesEconomy of WalesThe Economy of Wales. In 2010, according to ONS provisional data, headline gross value added in Wales was £44,517m, making the Welsh economy the tenth largest of the UK's twelve regions ahead of only Northern Ireland and the North East of England...