Kingston Upon Hull - Economy

Economy

The economy of Hull was built on trading and seafaring, firstly whaling and later seafishing. Merchant's houses such as Blaydes House and some warehouses survive in the Old Town, where trade was centred on the River Hull, later shifting to the Humber docks. Another major industry was oilseed crushing. Although the fishing industry declined in the 1970s, the city remains a busy port, handling 13 million tonnes of cargo per year. The port operations run by Associated British Ports and other companies in the port employ 5,000 people. A further 18,000 are employed as a direct result of the port's activities. The port area of the city has diversified to compensate for the decline in fishing by the introduction of Roll-on Roll-off ferry services to the continent of Europe. These ferries now handle over a million passengers each year. Hull has exploited the leisure industry by creating Hull Marina from the old Humber Street Dock in the centre of the city. It opened in 1983 and has 270 berths for yachts and small sailing craft.

Industry in the city is focused on the chemical and health care sectors. Several well-known British companies, including BP, Smith & Nephew, Seven Seas, and Reckitt Benckiser, have facilities in Hull. The health care sector is further enhanced by the research facilities provided by the University of Hull through the Institute of Woundcare and the Hull York Medical School partnerships. In recent years, with the decline of fishing and heavy industry, the retail sector, tourism, the arts and further and higher education sectors have played an increasingly prominent role in the process of economic regeneration and raising the profile of the city. In 2009 it was estimated that businesses in Hull deliver an annual turnover of almost £8 billion, and over 5 million annual visitors contribute almost £210 million to Hull's economy.