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Tuesday, February 11, 2020

Report gives economic snapshot of region

            North Wales is continuing to have a higher employment rate, lower unemployment rate and lower economic inactivity than Wales as a whole, according to the latest Regional Economic and Labour Market profile.
The recently published profile, which provides a regional picture compiling published figures up to September 2019, shows the employment rate in North Wales at 75.9 per cent, higher than the rates for both Wales as a whole and the UK.
            Up to the year ending September 2019 the unemployment rate in North Wales was lower than Wales and the UK as a whole. The economic inactivity rate also fell in the region to 21 per cent, the lowest figure among the three regions of Wales.

            Welcoming the figures Economy and North Wales Minister Ken Skates, who is Assembly Member for Clwyd South, said: “Unemployment across the whole of Wales is at a historic low and it’s good to see the North Wales region performing well once again in the Regional Economic profile.

            “The region is in a strong position as we face the future with a number of exciting developments achieved or planned.  Last year we saw the opening of AMRC Cymru in Broughton which will be operated by the University of Sheffield’s renowned Advanced Manufacturing and Research Centre (AMRC). It is estimated that this could increase GVA to the Welsh economy by as much as £4bn over the next 20 years.

            “We are investing in the region’s infrastructure with, for example, work progressing well on the £135m Caernarfon and Bontnewydd bypass in Gwynedd – one of the largest Welsh Government infrastructure projects in the region. I also recently announced a £20m investment to progress the North Wales Metro, and we are continuing with our plans for a third Menai crossing.

            “Our aim is to continue to stand up for North Wales and build on the region’s success ensuring prosperity is shared across all our communities.”

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