Economic Indicators

GVA (Gross Value Added)

GVA is a measure of output similar to Gross Domestic Product (GDP).  Sub-regional "balanced estimates" of Gross Value Added (GVA) to 2022 are now available, including for Swansea as an 'ITL3' statistical region.  GDP estimates are also available, but not on an indexed basis (UK=100).

In Swansea, estimated GVA stood at approximately £5,800 million in 2022.  Swansea's GVA per head figure was £23,929, which is 0.5% above the Wales average but 27.5% below the UK level.  However, Swansea's GVA per head is the highest of the eight ITL3 areas in the 'West Wales and Valleys' ITL2 area, but below three of the four ITL3 areas in 'East Wales', including 'Cardiff and Vale of Glamorgan' (£32,076 per head).

Table 9: GVA (Gross Value Added) (Word doc) [79KB] (includes Figure 1: GVA per head indices, 2017-2022)

The most recent (2021 to 2022) trend in GVA per head reports an increase in Swansea of 3.5%, below equivalent increases in Wales (+8.6%) and the UK (+8.8%).  Over the longer term (2017 to 2022), overall growth in Swansea's GVA per head was 9.2%, which compares with increases in Wales (+16.8%) and the UK (+18.1%).

In these estimates, Swansea's GVA per head index value (where UK = 100) decreased slightly over the year to 2022 from 76.2 to 72.5.  Over the last five years (2017 to 2022), the Swansea index values have fallen overall (from 78.5 in 2017). 

Gross Disposable Household Income

ONS have published sub-regional estimates of Gross Disposable Household Income (GDHI) up to 2021.  GDHI is the amount of money that all of the individuals in the household sector have available for spending or saving after income distribution measures (for example taxes, social contributions and benefits) have taken effect.  Conceptually it reflects the 'material welfare' of the household sector, and aims to measure economic diversity and social welfare from regional to local levels.  While GDHI is valuable as a measure of relative wealth between areas, it gives no information on the spending patterns of households or family units.

In 2021, total GDHI for the Swansea local authority and 'ITL3' area stood at £4,227million.  Its GDHI per head figure was £17,772; which is 1.5% below the Wales average and 18.0% below the UK level.  Swansea's GDHI per head figure is the eleventh highest of the 22 local authority areas in Wales, with Monmouthshire the highest (£22,720) and Blaenau Gwent the lowest (£14,884).

Latest trends suggest that between 2020 and 2021, the Swansea GDHI per head figure increased by 2.8%, equal to the Wales increase but below the UK increase.  Over the longer-term however (the latest five-year period 2016-2021), Swansea's growth of 20.8% is above that of Wales (+16.1%) and the UK (+12.6%).

Table 10: Gross Disposable Household Income (Word doc) [23KB]

Earnings

The Annual Survey of Hours and Earnings (ASHE) provides information about the levels, distribution and make-up of earnings and hours worked for employees to local authority level.  Data for specific industries and occupations is also available at higher geographic levels.

The latest median weekly full-time earnings figure for residents in Swansea stands at £631.20 (April 2023); which is 0.8% lower than the Wales figure but 7.4% below the UK average.  The published workplace-based full-time weekly earnings figure for Swansea is around £11 per week lower than the resident-based figure.

Over the latest year period (April 2022 to April 2023), the survey estimates suggest that full-time weekly earnings in Swansea rose by 6.1%, above average increases in Wales (+5.3%) and just below the UK (+6.2%).

Annual earnings data is also available from ASHE.  The Swansea median full-time figure (2023) of £32,734 is very close to the Wales average, although both figures are below the UK average (in Swansea by 6.4%).  Over the last year, average annual full-time earnings in Swansea rose by 7.3%, slightly above equivalent Wales and UK increases.

Tables 11 & 12: Weekly earnings; Annual earnings (Word doc) [26KB]

House Prices and Sales

Whilst there are a number of regular house price surveys undertaken by the major mortgage providers and property consultancies, the ONS / Land Registry House Price Index (HPI) data records all residential properties purchased for market value in the UK (and local areas) and is normally updated on a monthly basis.

Recent figures (seasonally adjusted) for May 2024 report an average sale price in Swansea of £202,116, which is 6.4% below the Wales average and 29.1% below the UK figure.  This data, including recent change and average price by property type, is summarised in Table 13.

Table 13: House prices (Word doc) [60KB] (includes Figure 2: House price trends, last three years)

Average house price trends in Swansea over the last three years are shown in the line graph (Figure 2), with equivalent Wales and UK trends.  The graph shows that prices have rose steadily from 2021 but have been relatively flat since late 2022.  However overall gaps between Swansea, Wales and UK have remained generally constant in recent times.

Further indications of local and national housing market activity can be obtained from the data on the number of completed transactions or sales.  Table 14 shows the figures for the quarter ending February 2024 for Swansea, Wales and UK and change over one and two years.  The volume of sales, both nationally and locally, has dropped since mid-2021.

Table 14: House sales (Word doc) [21KB]