Cardiff has been listed as one of the fastest growing tech locations within all of the UK. Due to the high levels of VC funding, it has allowed the tech sector and levels of employment to hugely flourish within the region. The advertised tech salaries are growing in huge numbers, with many futuristic tech entities seeking to make their main headquarters based permanently within the region of Cardiff too. All the latest details come from the UK’S digital Economy council.
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Cardiff has seen many up-and-coming investors wanting to flow tech innovation within the region. In fact, within the past year alone, the region has seen at least a dozen new start-ups that are advocating for new and upcoming tech-based roles. Hiring within the time of the pandemic has been needed more than ever, with old businesses dissolving, and making way for the new space of tech.
This year alone, tech start-ups have been able to raise over £39 million, across 13 ventures within the capital. It is the reason the capital has been able to take such a high seat and spotlight for tech innovation. Futurecorn is an example of an up-and-coming successful tech-based business within Cardiff. Estimated at a $1 billion value for the next couple of years to come, Futurecorn is guaranteed to provide more possibilities and opportunities for the economy of Wales, and of course the UK as a whole.
Within Cardiff at the moment, there are a total of 601 tech vacancies available, spreading across IT and computing too. From 2020 figures, the job front has risen a huge 81.6% within the area, making tech roles in huge demand. It is believed their salaries are what are encouraging more people to make the move and evolve towards tech roles. On average salaries usually start from £41,505 to £49,612, making the average income of the area increase by approximately 19%. The long-term benefits of tech firms within Cardiff are not only increasing prosperity, but the general increase of gross per capita income, for the entire area. This will certainly have socioeconomic benefits for many years to come.
Additionally, with more than ever income and investment coming from UK tech, the figures are estimated to increase an extra two to three times more than last year. Last year’s estimations of money coming out of tech investments was £11.5 billion. 2022 is predicted to more than double, to a value of £26 billion, with further approximations of a triple in 2023. Cardiff is not the only city believed to be in line of having a slice of the pie when it comes to tech innovation. London is following in the footsteps, having also been able to acquire £9 billion in investments when tech is concerned. The reason as to why Cardiff is the pioneer on this one, all comes down to renting of office spaces and living costs in general. London has always been known to be the pricier city, causing start-ups to favour moving elsewhere for the typical business locations.
The UK Government digital minister commented on how far the UK has come when tech investment and business is concerned. Being yet another record-breaking year for the country as a whole, the UK, new in the ranks of leadership after Brexit, hopes to offer solutions to some of the world’s biggest challenges. With the biggest start-ups in the UK already paving their way towards greatness, the key to expansion and cultivation of larger business innovations all comes down to the appeal and willingness to form a new and ethical approach to building businesses. That there is the future, and it’s happening right now.