Economy
At the end of the eighteenth century the town is noted as having little trade beyond weaving. The first mention of coal mining in the area is in the Boldon Book of 1183. However, early coal mining was limited by the lack of an easy way to transport coal away from the area. The arrival of the railways transformed the town as it allowed coal to be mined, and then transported to the coast before being put onto ships to London and even abroad. At the start of the twentieth century 16,000 people were employed in the mining industry in the area. However, by 1915 the coal industry in the town had started to decline as coal reserves started to become exhausted. The last deep colliery in the area closed in 1968.
Today, with the decline of the Durham coalfield, manufacturing has been left as the largest sector of employment in the town, accounting for 24.6% of the town's employment.
The town also traditionally had a strong retail sector, as one of the county's main population centre's shoppers were attracted from smaller settlements on the Durham coalfield for miles around. However, the effect of the decline in the coal mining industry has been felt in the retail sector. Together with competition from local shopping malls such as the MetroCentre in Gateshead, the decline in the mining industry has been blamed for a downturn in the fortunes of retailers, with commentators lamenting the number of down market stores and charity shops in the town centre. In response, numerous initiatives to regenerate the town centre have been proposed including the launch of the Bishop Auckland Town Centre Forum, and the 2006 regeneration master plan drawn up by Red Box Group, which was sponsored by Wear Valley District Council and the regional development agency One NorthEast.
Notable employers in the town include Ebac, which is headquartered in the town and employs 350 people.
Read more about this topic: Bishop Auckland
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)