Newport is the fastest growing city and place in Wales, experiencing a remarkable population increase of nearly 10% over the past decade.
This growth is also reflected in our economic performance. As of 2022-2023, Newport ranks as the fourth most prosperous county in Wales in terms of GVA per head. While Cardiff, our capital, holds the top spot, Newport’s upward trajectory is undeniable and continuous.
Employment opportunities in Newport are expanding, with the city now boasting the eighth largest workforce in Wales. This growth is driven by significant developments and new opportunities, particularly from major employers like Associated British Ports, which is actively developing the port. This development brings a wave of new job prospects to the area, reinforcing our economic base.
Newport is home to a diverse array of businesses from both the private and public sectors. Key players include KLA, IQE, Vantage Data, Airbus, CAF Rail, Celtic Manor, the Patent Office, and the Office for National Statistics. This broad business base provides a stable and varied economic landscape for our city.
However, one area needing attention is the proportion of micro-businesses. Newport’s micro-business sector currently sits just under 24%, compared to approximately 33% across the rest of Wales. This gap presents an opportunity for growth, particularly with a new wave of young entrepreneurs eager to innovate and expand.
Over the past four and a half years, a noticeable shift has occurred, with a new generation of business owners stepping up. Their fresh perspectives and determination are set to make a significant impact on Newport’s micro-business landscape.
Promoting Newport’s strengths, such as our strategic location and excellent connectivity, is crucial. We are 40 minutes from Cardiff Airport, 45 minutes from Bristol, and two hours from Heathrow. By rail, Cardiff is just 15 minutes away, Bristol 20 minutes, and London a mere hour and 40 minutes. These connections make Newport an attractive hub for both businesses and residents.
Finally, the surge in new home construction in Newport is a testament to the confidence businesses and residents have in our city’s future. Newport leads all Welsh local authorities in the number of new homes being built, showcasing our commitment to growth and development.
Newport is not just growing but thriving. With continued investment, support for micro-businesses, and leveraging our strategic advantages, Newport’s future looks incredibly promising.
