Manufacturer investment leads to disposable income growth in Wales
Wales has dominated growth in disposable income compared with England over the past five years amid a recovery in manufacturing, according to a new report.
A study by accountancy firm UHY Hacker Young found that households in Powys have 15.4% more spending money than five years ago, while those in Flintshire, Wrexham and south west Wales have over 14% more.
Investment from large manufacturers based in Wales, including Toyota and Airbus, was partly responsible, said the report.
Areas with the slowest growth included mid Lancashire (6%), Sheffield (5.8%) and Portsmouth (5.6%), according to the research.
Elliott Buss, partner at UHY Hacker Young, said: "The leap in disposable income across Wales over the last five years pays credit to the hugely important role played by manufacturing in the region.
"The Welsh manufacturing sector has grown from strength to strength and the subsequent rise in disposable income this has provoked ensures those areas of Wales worst affected by the recession have received a much needed boost.
"As confidence returns and demand increases, we are seeing areas such as Powys, Flintshire and Wrexham and South west Wales make extremely positive signs of recovery. Consumers are buying again and manufactures are meeting renewed demand with enthusiasm.
"As well as a reflection of wider economic health, the manufacturing industry in Wales has also benefited from the help and support of the Welsh government in getting it back up on its feet and moving again. These efforts are now clearly being rewarded."