Economy
The mineral water extraction and bottling plant on Shrewsbury Road (known locally as the 'Pop Works'), has been operating since 1883 and since 2004 has provided Princes with mineral water. It is a notable local employer as is the polymer laboratories off Essex Road, currently owned by Agilent Technologies (until 2009 by Varian). There is a designated light industrial area situated between the A49 and the railway line, known as Crossways, with a number of local businesses operating, many of which are of the motoring trade, including a BP petrol station.
The town benefits from tourism, which is a growth industry in the area, as well as attracting local trade. A recent survey showed that the town has some fifty retail outlets, 44 of which are independently owned, with a high diversity of shop types. The offer in the town centre includes two butchers, several outdoor activities shops, a baker, a delicatessen, several clothes and shoe shops, three banks, and two supermarkets (Co-op and Spar). There is a large antiques market, situated in a former malthouse on the corner of Sandford Avenue and Easthope Road. There are four pubs,a as well as a number of cafes and small restaurants. In June 2011 the town was officially declared to be a "Fairtrade Town" with 34 businesses selling fair trade products. A small art gallery exists in the former hotel on the corner of Shrewsbury Road and Sandford Avenue. The town also has a number of professional services, such as solicitors, accountants and estate agents, confirming its status as a local centre of business.
The town continues to benefit from its reputation as a spa town, giving it a desirable status as a place to live, especially for retirement. House prices are above the county average and have seen similar increases in recent times as other spa towns in the UK.
The 2001 census recorded the parish's employment rate at 54.2% whilst unemployment was at 1.9% (both are percentages of residents aged 16–74), and 18.7% of all residents were retired. The largest sector of employment was "wholesale and retail trade, and repair of motor vehicles" with 16.7% of all employment in that sector.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“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)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)