Once famed for coal mining and slate quarrying, the Welsh capital has since transformed itself into an epicentre for science, technology, and creativity. Like many other nations, the country underwent a period of rapid transformation whereby a culture of innovation made a significant contribution to the progression of both society and business in Cardiff. The staggering scale of the coal industry in Wales was a key contributor in enabling the capital to grow and flourish; to this day, it remains a hub for creativity and opportunity. While business in Cardiff is built on prosperous foundations, it is essential that the city is proactive in supporting enterprise across all sectors to create a fair, inclusive, and sustainable economic future.
Past
Owing much of its history to the Industrial Revolution, the coal mining industry initially stimulated in the valleys of South Wales before enveloping the nation. Here, it gave rise to the building of the Glamorganshire Canal which transported iron and coal down to the main towns from rural areas, later encouraging the creation of the Taff Vale Railway. This rapid increase in trade was inevitably the catalyst for the construction of the Cardiff Bay docks and by the 1880s the booming industry in Cardiff had transformed the area from being one of the smallest towns in Wales to the largest coal handling port worldwide.
Following the Second World War, supply and demand decreased in Cardiff as other countries developed their own steel industries and international markets were lost. Trade was repeatedly lost to container ports and coal exports gradually came to a standstill. Tiger Bay, now known as Cardiff Bay, instead became home to a rich, eclectic mix of diverse communities as sailors and workers from over 50 countries settled in the area following the war.
Today, business in and surrounding the port presents a very different image from that which existed a century ago. Following a waterfront transformation, exclusive flats and popular retailers now stand where coal hoists were once strung. Only two shipping companies remain in use in the historic capital - the Roath and the Queen Alexandra - meaning the days of the ‘black diamonds’ have sadly come to an end.
Present
With an established business infrastructure and a budding start-up environment, the Welsh capital is a prime location for entrepreneurs to stake their claim. In 2018, Wales was named one of the fastest growing economies in the UK with a particular focus on the exporting economy. Following the pandemic, the popularity of small businesses rocketed with over 51% of people in the UK now choosing to support local independents more so than large retailers. With three highly successful universities, Cardiff has an innovative talent pool contributing towards its respected and skilled workforce, dominating both in large companies and creative small start-ups. Industry in Cardiff is also well fostered by the Economic Development department of the Cardiff local government which offers workshops and starter units for budding businesses that require additional support. Alternatively, the NatWest Entrepreneur Accelerator Hub also offers programmes for young businesses as well as follow up appointments with fully funded comprehensive training, mentoring, and collaboration opportunities.
Cardiff is the optimal location for engaging and networking with likeminded individuals due to the historic, ambitious spirit which creates the ideal scenario for broadening your entrepreneurial horizons. Building professional relationships with colleagues and experts can open up a vast amount of business opportunities that may not otherwise be possible, as well as being a great place to expand personal knowledge and expertise. Creative Cardiff is one of the city’s top communities for creatives in business and currently boasts over 650 organisations. Startup Grind also provides international insights on entrepreneurship, hosting conferences and events across the city that are crucial for networking and partnership opportunities. Doubling as both the commercial heart and capital of Wales, Cardiff has an established and well-developed business district that thrives in traditional sectors as well as specialised start-ups.
Future
By working towards a harmonious environment and supporting social, economic, and ecological resilience, the capacity and capability for change is optimistic for business in Wales. Inspired by the Well-Being of Future Generation of Wales Act, the public sector is encouraging businesses to ensure that the nation is a supportive place to live and work by promoting a sense of community and a well-nurtured workforce. The 2021-2026 ‘Delivering the future FOR Cardiff’ plan aims to ensure that the residents of Cardiff contribute towards the progression of their city alongside members and key stakeholders.
Setting a strong example to other nations by reinforcing resilient foundations, the Wales Economic Action Plan is based on the principle that public investment should have a social purpose. The plan sets out a vision for inclusive growth, not just stimulating expansion and productivity but making business in Wales fairer and more nationally competitive. This commitment by the Government to future proof the Welsh economy will rely on economic, environmental, and technological forces to demand new approaches and adapt to changes where they see fit. As the capital city, Cardiff plays a central role in the nation’s immediate and long-term economic success and will likely be the hub for much innovation to come.
Ahead of visiting Cardiff, feel free to enquire with our team and we can match you with your perfect accommodation. Why not discover what Wales has to offer and check out our recent blog for some of our Top Serviced Apartments in Cardiff.
