Overview of Local Economy
Despite major changes in the structure of UK industry, Neath
Port Talbot has retained its prominence as an area of
manufacturing, accounting for 29% of jobs compared to just over 13%
for Great Britain as a whole.
The number of jobs within Neath Port Talbot is approximately
44,000 (excluding the self-employed) and there is a local workforce
of around 53,000, although businesses are able to recruit labour
from the wider travel to work area.
The County Borough has its share of well-known companies, with
specific expertise in steel, chemicals, electronics, automotive
components, and general and precision engineering. Corus however,
employs in excess of 3,000 and remains the largest industrial
employer and a major contributor to the local economy, serviced as
it is by a number of local companies. The future of the works also
looks much brighter as 2004 will see the single biggest year of
investment ever in the steel industry in Wales.
The service sector accounts for approximately 65% of jobs, with
Public Administration and the Health & Social Work sector being
the most dominant (28%). The local authority is the largest service
sector employer in the County Borough and is included in this
category.
Neath Port Talbot’s tourism sector of the local economy could
now be regarded as a small factory in its own right directly
employing 922 people. The emphasis is firmly on improving the
quality of the product on offer and major investment at Afan Forest
Park, Margam Park, Aberavon Seafront and the cycling and walking
infrastructure across the County Borough make it an ideal location
for activity tourism. The self-catering sector continues to grow,
with new cottages opening regularly. The relationship with the
industry has improved following the creation of the Tourism Forum
and the partnership with the Forestry Commission, Wales Tourist
Board (WTB), Welsh Development Agency (WDA) and the local community
plays a vital role in the continued growth of the industry.
Located adjacent to Junction 41 of the M4 motorway is the single
largest development site in the UK. Totalling 500 hectares, Baglan
Energy Park is the first phase of a long-term programme to
regenerate Baglan Bay into a site capable of attracting inward
investment and creating new job opportunities. Developed in
partnership by Neath Port Talbot County Borough Council, BP
Chemicals and the Welsh Development Agency, the site is already
home to a stunning array of 21st Century buildings demonstrating
the best in design, energy efficiency and environmental
performance.
The County Borough lies within a designated European Union (EU)
Objective One area. This allows access to major funding from the
European Union in support of economic regeneration initiatives as
well as investors being eligible for the highest level of grant
support for job creation projects from the UK Government.