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Maxim Munday

Professor Maxim Munday

Director of Welsh Economy Research Unit

Cardiff Business School

+44 29208 75089
Aberconway Building, Room T01, Colum Road, Cathays, Cardiff, CF10 3EU
Media commentator
Available for postgraduate supervision



Member of Cardiff Business School since 1990. Research interests in Welsh economy, the economics of inward investment, tourism economics, regional economics and policy, and on corporate restructuring.

Research on inward investment, regional economics and policy, have led to successful research bids and a wide range of consultancy work for organisations in both the public and private sector.

  • £4.3m of research and other income in period 2016-22
  • Directing research and evaluation process around UKRI Stength in Places Fund investment around Compound Semiconductor Cluster in South Wales
  • Co-I on a new EPSRC “TidAl Range schemes as configurable Grid-scale Energy sTorage facilities (TARGET, $1.4m).
  • Major £1.2m programme of EU research in Wales examining small firm impacts of access to superfast broadband services between 2016-20.
  • Directing 2017-2024 Economic Intelligence Wales research programme examining small firm finance.

Founder member of the Welsh Economy Research Unit, and Director. With WERU members, has been involved in a number of successful bids for research monies from private and public organisations.

Other roles include:

    • Regular collaboration with regional institutions and anchor companies, both in terms of research, evaluation, services, and advice.
    • Regularly asked to provide economic advice to Welsh Government and stakeholder organisations.
    • Regular reviewer for journals including Tourism Management, Journal of Rural Studies, Regional Studies, Ecological Economics, European Journal of Ops Management, Energy Policy, Journal of Sustainable Tourism, Geoforum, Urban Studies


























Book sections




Research interests focus on regional economic and policy, economic evaluation, economics of the multinational, tourism economics and economic development. Wide range of funding accessed. Current projects include directing research within Economic Intelligence Wales around demand and supply side issues around SME finance in Wales, and research and evaluation programme around the Compound Semiconductor Cluster in Wales. 

Recent funded research includes:

2022-23: DCWW Economic Impact Assessment, report for DCWW, £15,730, with C.Jones and A Roberts, Cardiff Business School.

2022-2024: Catchment systems thinking cooperative – CAST Cooperative, £62,371, Co-I with Isabelle Durance (Biosiences and Elizabeth Bagshaw (Earth Sciences), Cardiff University.

2022: Combined storm overflow prioritisation model optimisations, for Welsh Water, £46,389 Co-I with team from Cardiff Biosciences, Mathematics and Engineering

2022-2024: Ahmadian, R., Qadrdan, M, Zhou Y and Munday M  EPSRC “TidAl Range schemes as configurable Grid-scale Energy sTorage facilities (TARGET), £1.4m.

2021-22: ESRC IAA Transforming event impact evaluations and staging more sustainable events: a focus on plastic consumption, £14,776 A Collins (GEOPL) and Max Munday.                                            

2021-2022: 5G Wales Unlocked: Observatory – analysis of rural pilot use cases of 5G applications. Project funded by DCMS, joint with Computing Sciences and Geography. £116,000 (CARBS elements) with Dylan Henderson and Nikos Kapitsinis.

2021: Economic Intelligence Wales (continuation funding) £84,000 to examine finance supply and demand conditions for SMEs in Wales, and analysis of Welsh Government Covid-19 interventions, PI with Annette Roberts and N Kapitsinis.

2020-21: GCRF Transforming resilience across water and food systems’ award; examination of socio-economic effects associated with Eutrophication in Ha Long Bay Vietnam with Hanoi University of Science and Technology, Max Munday, Nikos Kapitsinis £24,000 (Carbs element)

2020-2024 Strength in Places Funds CSconnected, Compound Semiconductor Cluster, Research and Evaluation, £400,000 with R Huggins & A Roberts.

2020-2022: Dwr Cymru Welsh Water, Social Return on Investment Analysis for DCWW Visitor Attractions,  with Calvin Jones and Costain.

 2020: Welsh European Funding Office. Revised ex-ante evaluation of the Wales Business Fund, with Hatch-Regeneris Consulting.

 2019-2020: Welsh Government. Economic development funding allocations in Wales: Regional indicative budgets, , with Hatch-Regeneris Consulting.

2019-2020: Kronospan: Economic analysis of activity supported by Chirk operations.

2019: IQE Support for Strength in Places Funding Bid,  with Annette Roberts and Robert Huggins

2019: Business Wales: Analysis of Accelerated Growth Programme outcomes

2018-2021: Economic Intelligence Wales: Data analysis and research on SMEs and their role in the Welsh Economy. £250,000. PI with Annette Roberts. Quarterly and Bespoke reporting.

2018: Understanding the implications of global trade and decarbonisation post Brexit.  For Welsh Government.

2018-19: Arcadis (project grant extension). Capturing the wider economic benefits of A465 construction: Socio-economic dashboard. Analysis of socio-economic effects of major road redevelopment at Head of the Valleys and involving close collaboration with Costain.  (with WERU team). Co-1

2017-18: Publishing: An analysis of the regional economy contribution.  For Welsh Books Council, Aberystwyth. 

2017: EU Transition and prospects for Anchors and RICs in Wales.  

2017: The potential economic and regeneration impacts of St David’s – UK City of Culture 2021.  

2017: Economic activity supported by inward investment in Wales.  For Welsh Government.

2016-17: UK Sport, Revision to environmental web pages of eventImpacts website.

2016: Arup, Building resilience in the Wales water sector,  Co-I with Biosciences research team at Cardiff University

2016: ERDF Superfast Broadband Exploitation project, Digital Maturity Survey for Wales, £1.5m PI with WERU team. Annual Digital Maturity Survey report, and Annual Economic Impact Report SFBBE.

2016: Welsh European Funding Organisation. Ex post evaluation of 2007-13 Structural Funding Programme, with Rhys Davies WISERD.

2016: Welsh Local Government Association. Municipal waste: Economic evaluation of activity in the Welsh sector.

2015-17: Welsh Government. The economics of stamp duty land tax in Wales. Research funding for studentship to examine the regional implications of changes on taxes levied by Welsh Government using CGE and IO frameworks. £60,000 PI Max Munday with Kent Matthews and Andy Crawley (WERU).

2015-2017: Ser Cymru National Research Network for Low Carbon Energy & Environment. Consequential Life Cycle of Environmental & Economic Effects of Dairy and Beef Consolidation and Intensification Pathways: CLEANER COWS. Funding for studentship to examine farm consolidation using CGE model framework. £57,000 PI M Munday with K Matthews, A Roberts, A Crawley and C Jones.

2015-16: Welsh European Funding Organisation. Separate evaluations of New Business Starts Programme, and Heritage Tourism Programme, with Old Bell 3 Limited.

2015: Natural Resources Wales. Electricity production on the NRW estate: Review of current subsidy regimes, and socio economic benefits from different electricity generation technologies. Funding for review and analysis to inform NRW plans, July/August 2015

2015: Welsh Government. Review of the Alacrity Programme. With Professor Rob Huggins, CPLAN.

2015: Community Energy Wales. Research to provide a detailed audit of community energy in Wales in 2015, and to describe the evolution of community energy projects in Wales. 

2015: RSM McClure Watters Consulting (PACEC). Economic evaluation of Export Assist Programme in Wales.                                       

2015: RWEnpower.  RWEnpower: Local socio-economic activity supported by energy generation. Analysis of effects related to construction and operation of the Pembroke Dock Power Station. 

2015: National Museums Wales. Assessment of regional economic activity supported by NMW. Analysis based on NMW spending and that of its visitors to separate NMW sites.  

2015: Welsh Government EST. Evaluating Business Usage and Exploitation of Superfast Broadband in Wales: A Review and Recommendations for Metrics and a Digital Dashboard. Research and report for Welsh Government in connection with roll-out of new infrastructure and business exploitation. 

2015: Mineral Products Association. Analysis of the effects associated with aggregates industries in Wales. 

2014-2015: Welsh Government. Economic Impact of Unconventional Gas in Wales, report examining regional effects of different fracturing scenarios. Research with Regeneris UK and AMEC.  

2014: Welsh European Funding Office. ESF Combined Analysis. Longitudinal analysis of three ESF Leavers Surveys in Wales. With Rhys Davies (WISERD), Neil Roche (WERU) and Gerry Makepeace (CARBS)

2014: Cardiff City Council. Employer Engagement – Linking Job Growth, Employment Support and the NEET Agenda in Cardiff. Research on NEETS in Cardiff.  

2014: Welsh European Funding Office (IFF Research, London) European Social Fund Leavers Survey 2013. Analysis of the findings from the survey undertaken by IFF in London. 

2014: Welsh Government General Dynamics UK – Land Systems: Economic effects in Wales of Expansion. Report and advice to Welsh Government and General Dynamics on the local effects associated with proposal for tank manufacturing at Merthyr Tydfil

2014-2017: E C Harris Limited. Capturing the wider economic benefits of A465 construction: Socio-economic dashboard. Analysis of socio-economic effects of major road redevelopment at Head of the Valleys and involving close collaboration with Costain and Carillion. (with WERU team).                         

2014-15: Natural Resources Wales: Linking the Welsh Economy to the Environment. Programme of research for NRW linking to economy effects of environmental interventions, and modelled analyses.

2013: Dwr Cymru Welsh Water: Economic analysis of spending.  Modelled analysis of regional economic effects of spending and prospects of inward investment in water intensive sectors.  

2014: Airbus Defence and Space. Evaluation of activities under Foundation Wales programme. 

2014: Murco Petroleum Limited: An analysis of economic activity dependent on the Murco Oil Refinery in Pembrokeshire. Report for taskforce dealing with potential effects of closure of the facility. 

2014: Welsh Government: NATO Summit Wales 2014 – Economic Impact Study. Analysis of expected tourism effects of the NATO Summit at Celtic Manor. 

2014: Public Policy Institute for Wales: Location and Staffing of the Welsh Government’s Overseas Offices, Think piece prepared for the First Minister for Wales.

2014: Porthcawl Habourside: Analysis of harbourside property development,.

2014: Cardiff University/Welsh Government: Economic evaluation; review of the proposal to establish a Compound Semiconductor Foundation with IQE Limited Newport.

2014: Welsh European Funding Office (through OB3 Limited): Ex ante evaluation of Ireland-Wales Interreg Programme. 

2013-14: Natural Resources Wales. River Wye Restoration Options. Examination of costs and benefits associated with different management options for upper Wye catchment. (with Cardiff University Biosciences, Dr Ian Vaughan et al.)

2013-14: Natural Resources Wales. Economic advice relating to ecosystem services, and general economic research for merged organisation.

2013: Tidal Lagoon Power Limited. Economic effects associated with construction and operation of schemes. Report focused on expected socio-economic effects of planned Swansea barrage. 

2013: Welsh Government. Marine renewables economic impact analysis, with Regeneris Consulting and WERU team.

2012-2013: Welsh Government. Energy Sector Employment Multipliers study, £46,400, with WERU team and Regeneris Consulting.

2012-13: Renewable UK. Economic impact of inshore wind in Wales,  with Regeneris Consulting and WERU.

2012-13: Welsh European Funding Office. Ex-Ante Evaluation of Structural Funding in Wales 2014-2020. With Oldbell3 and others.

2012-14: Cadw, Visit Wales, Capital Regional Tourism. Monitoring and evaluation framework for Environment for Growth (ERDF) projects”.  Second phase of research to monitor and evaluate E4G projects across Wales. Includes development of web resources to support project managers in undertaking surveys to support evaluation, and analysis to examine environmental effects of tourism in Wales.  

2012-14 Countryside Council for Wales “Monitoring and evaluation framework for Environment for Growth (ERDF) projects”,  Evaluation of CCW E4G Coastal Path projects and monitoring of outcomes.

2012-14: “Evaluation of the P5T1 Physical Regeneration in North Wales Project,” research for Welsh Assembly Government.

2012-13: “Linking the Welsh Economy to the Environment” research programme with Environment Agency Wales examining water valuation, metal mine remediation, policy evaluation and specific programme analysis.

2012-13: “Research assistance with Economic Model of COMAH sites”, research for Health and Safety Laboratories.


Current Teaching and Learning: Summary

  • Lead the Business Economics stream within the Economics section of Cardiff Business School
  • Undergraduate teaching on BS3561 Modern Business Enterprise (Module Leader), and BS2560 Managerial Economics. Also postgraduate courses in BST 186 Economics and the Business Environment.
  • Recent PhDs. Annum Rafique: Sustainable Intensification in Dairy Farms. Long Zhou: Stamp Duty Land Tax in Wales.
  • Personal tutor to both undergraduate and postgraduate students.
  • Lead examination liaison group for Business Economics schemes and associated quality assurance
  • External examiner Aston Postgraduate programmes on International Business until 2015



Professor, Cardiff Business School, Economics Section ·

Director: Welsh Economy Research Unit 2000-

  • Member Social Science Park (SBARC)
  • Water Research Institute Cardiff University
  • Hon Professor: Aberystwyth University -2019
  • Chair: Regional Studies Association: Wales Section
  • Member Energy Systems Research Institute, Cardiff University
  • Regional Science Association International
  • Higher Education Academy
  • Western Regional Science Association (United States)