Economic Well-being

The vision for South West Wales is to to build a resilient, enterprising and inclusive regional economy that supports good jobs, thriving communities and long‑term prosperity. Economic well‑being is about more than growth alone; it is about improving quality of life, tackling inequality, supporting local businesses and ensuring that economic opportunity is shared across urban, rural and coastal areas.

Overview

The South West Wales Regional Economic Delivery Plan sets out how the region will strengthen economic well‑being through sustainable growth, high‑quality employment and inclusive prosperity. Led by the South West Wales Corporate Joint Committee, the Plan provides a long‑term framework to 2030 that aligns investment, skills, infrastructure and place‑based development across the region. The Plan takes a whole‑economy approach, reflecting the distinctive characteristics of South West Wales, including its industrial base, rural and coastal geography, energy assets, town and city centres, and strong academic and research institutions.

Why the plan matters

South West Wales generates around £16.4 billion in economic output and supports over 318,000 jobs, yet productivity remains significantly below the UK average and many communities experience persistent disadvantage. The region’s economy has been shaped by industrial transition, rising energy costs and changing patterns of work, and progress has been uneven across sectors and places.

At the same time, South West Wales has major economic opportunities. These include renewable energy and net zero, advanced manufacturing, innovation linked to universities, the visitor and experience economy, and the ability to attract investment through strategic sites and ports. The Regional Economic Delivery Plan provides a shared approach to addressing long‑standing challenges while maximising these opportunities.

Targets for 2035

To support long‑term economic well‑being, the Plan focuses on progress towards the following regional outcomes by 2035:

Higher productivity and business growth across the economy
Increased employment and economic activity, narrowing gaps with the UK average
Stronger local supply chains and embedded businesses
Growth in high‑value and future‑facing sectors alongside the everyday economy
More balanced growth across towns, cities, rural and coastal communities

These outcomes support national ambitions for fair work, a just transition and inclusive growth.

Economic opportunity

South West Wales has nationally significant assets that can drive future economic well‑being. These include major ports and energy infrastructure, strategic employment sites, and internationally recognised research and innovation capacity within regional universities. The region also benefits from a strong sense of place, high environmental quality and a growing cultural and creative offer.

Opportunities exist to build on these strengths through renewable energy and clean growth, advanced manufacturing and innovation, health and life sciences, digital and creative industries, and the visitor and experience economy. Taken together, these provide the basis for a more resilient and diversified regional economy.

Economic benefits

Delivering the Regional Economic Delivery Plan could unlock substantial economic benefits for South West Wales over the next decade. Investment linked to renewable energy, business growth, skills, transport and regeneration could support thousands of additional jobs, increase productivity and generate significant additional gross value added.

Crucially, the Plan seeks to ensure that economic benefits are locally captured, supporting local skills, local supply chains and long‑term employment, while improving access to opportunity for people and communities across the region.

Strategic priorities

1

Renewable energy and net zero growth
Supporting South West Wales to become a UK leader in renewable energy and industrial decarbonisation, while maximising local jobs, skills and supply chain opportunities from major investment.
2

Business growth and innovation
Strengthening the resilience and productivity of the business base, supporting start‑ups and scale‑ups, and improving links between research, innovation and commercial activity.
3

Skills and employment
Aligning skills provision with regional opportunities, reducing economic inactivity, and supporting pathways into good‑quality work for people of all ages.
4

Places and town centres
Supporting regeneration, placemaking and the experience economy, strengthening town and city centres, and enhancing quality of life across the region.
5

Connectivity and infrastructure
Improving digital connectivity and making the case for transformational transport investment to support access to jobs, services and growth locations.
6

Regional coordination
Providing strong regional leadership and coordination to align funding, delivery and decision‑making across partners and programmes.

Next steps

Improving economic well‑being in South West Wales will require sustained partnership working and coordinated delivery. Key next steps include strengthening regional governance, maintaining a strong pipeline of investment‑ready projects, aligning skills and employment activity with economic priorities, and continuing to make the case for funding and investment at scale.

The Regional Economic Delivery Plan provides the framework to support a more prosperous, fair and resilient future for South West Wales.