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Economy
Cardiff is a progressive city which has at its core impressive economic growth and physical transformation. The city has experienced spectacular economic growth over the last 10 years and was recently ranked 4th for growth potential in the UK [Experian, 2007].
Cardiff now boasts one of the fastest growing economies in the UK and the highest growth in private sector employment over the last 10 years of all UK Core Cities. The UK Competitiveness Index 2010 ranked Cardiff strongly overall, being one of only four larger cities achieving a level of competitiveness above the UK average.
In the early 1900s, Cardiff controlled the global market for coal, its docks were the world’s largest exporter and the city’s Coal Exchange set the world price. In recent times, Cardiff’s economy has become more diverse but remains equally ambitious. Heavy industry has given way to a transformed economy, with dynamic knowledge driven sectors competing effectively at the highest level.
The city boasts an above average number of people employed in knowledge based sectors with the greatest opportunities for growth in Life Sciences, ICT and the Creative Industries. It has a cluster of around 100 Life Sciences related companies and is home to the largest concentration of media employment outside of London.
The media sector is being further strengthened by BBC Wales’ development of a Drama Production Village at Porth Teigr in Cardiff Bay where network productions such as Dr Who, Casualty and Sarah Jane Adventures will be filmed from 2011.
