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Economy

• The Welsh economy is forecast to grow at an average rate of 2.5% per annum between 2008 and 2012, broadly in line with UK trends. Growth is expected to be fastest in financial and business services.
• Public services accounted for 30% of economic activity in Wales in 2006, a significantly higher proportion than found across the UK.
• The Welsh economy was worth £41bn in 2006, equivalent to 3.8% of the UK total.

Output

• Worth £3.2bn in 2006, in 2000 prices, construction in Wales accounts for around 4% of the UK total.
• Output is forecast to grow at an annual average rate of 1.2% between 2008 and 2012.
• Over the forecast period output will be boosted by the £1bn mixed-use project on the site of a former steelworks at Llanwern, and works to improve Wales’ stock of social housing.

Employment

• Total construction employment of 92,700 in 2006 in Wales is forecast to rise to 100,370 in 2008 and 113,870 in 2012.
• To meet this demand, after taking into account those entering and leaving the industry, 4,750 new workers will be required to join the industry each year.
• Wood trades and interior fit-out, construction professionals and technical staff and office-based staff (excluding managers) are expected to have the largest annual requirements.

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