Economy
Main article: Economy of SwanseaSwansea originally developed as centre for metals and mining, especially the copper industry, from the beginning of the 18th century. The industry reached its apogee in the 1880s, when 60% of the copper ores imported to Britain were smelted in the Lower Swansea valley. However, by the end of the Second World War these heavy industries were in decline, and over the post-war decades Swansea shared in the general trend towards a post-industrial, service sector economy.
Of the 105,900 people estimated to work within the City and County of Swansea, over 90% are employed in the service sectors, with relatively high shares (compared to the Welsh and UK averages) in public administration, education & health and banking, finance & insurance, and correspondingly high proportions of employment in occupations associated with the service sector, including professional, administrative/secretarial and sales/customer service occupations. The local authority believes this pattern reflects Swansea's role as a service centre for South West Wales.
Economic activity and employment rates in Swansea were slightly above the Welsh average in October 2008, but lower than the UK average. In 2005, GVA per head in Swansea was £14,302 – nearly 4% above the Welsh average but 20% below the UK average. Median full-time earnings in Swansea were £21,577 in 2007, almost identical to the Welsh average.
Swansea is home to the DVLA headquarters based in Morriston which employs around 6,000 people in the city. Other major employers in the city are Admiral Group, HSBC, Virgin Media, Abertawe Bro Morgannwg University Health Board, BT and Amazon.co.uk.
Read more about this topic: City And County Of Swansea
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)