Cardiff’s approach is to develop sectors which have high growth potential and increase innovation, but importantly these sectors are based on local strengths. Cambridge Econometrics has assisted in identifying those sectors, which in regard to indigenous strengths, offer the greatest potential for future growth and prosperity, add value and aid the diversification of Cardiff’s economic base.

The Cardiff city-region is seen as playing a fundamental role in the development of some of the Welsh Government’s key sectors which are targetted to assist growth in Wales: including Creative Industries, Energy and Environment, ICT, Life Sciences, Professional and Financial Services, and Leisure and Tourism.

These sectors are developing with some pace in the Cardiff city-region. Cardiff’s strength in the creative industries sector has been strengthened by the BBC’s decision to relocate a number of drama productions to new purpose-built studios in Roath Lock at Porth Teigr, Cardiff Bay. On the same site at Porth Teigr, the Welsh Government is developing a Digital Media Centre to house start-ups and smes in the sector. A partnership between the universities in Bristol and Cardiff runs the Knowledge Exchange Hub that aims to support businesses in the creative industries.

The Professional and Financial Services sector in the city, which employs 25% of the workforce, continues to expand with recent new announcements bringing new jobs to the Cardiff Central Business district, the UK’s first enterprise zone for companies in this sector.

The city is also home to a burgeoning Energy and environment sector. Strong emphasis is placed on the sector’s growth potential, although at present, employment in the sector is relatively small scale in comparison to the more traditional, established sectors.