Milford Haven - Economy

Economy

Milford Haven has experienced a history of boom and slump in shipbuilding, fishing, as a railhead and an ocean terminal. At the height of the fishing boom, it was said that "every day was a pay day". In 1921, 674 people were identified as working in the fishing industry, the leading occupation in the town, followed by transport and communication with 600 employees. The development of the oil industry also helped to boost the town's fortunes. However, the slumps have been just as severe, the area being scheduled as 'distressed' in the inter-war period. During the 1980s and 1990s, the unemployment rate at times topped 30%, and the major industry of oil refining created no more than 2,000 direct or indirect jobs. Into the new millennium, its fortunes have risen, as can be witnessed in the activity surrounding the LNG terminal, and the new building works which accompanied it and its connection to the controversial South Wales Gas Pipeline. In February 2003, Pembrokeshire Council granted outline planning permission to Petroplus for an LNG storage depot at Waterston, and in March 2004, an additional site was approved at South Hook for ExxonMobil. International tourism has also increased, with the arrival of transatlantic liners and the revenue they introduce to the town. The Port Authority is aiming to double the number of cruise ships it handles in the period to 2011. The waterway transports 25% of Britain's requirement for motor fuel, and the port handled 53 million tonnes of shipping in 2008, making it the largest port in Wales, and the sixth largest in the UK. There are two major commercial centres: Charles Street in the historic town centre, and the Havens Head Retail Park located at the foot of the docks area. In 2012, it was announced that the Milford waterway was to be declared an Enterprise Zone by the coalition government, due to its importance to the energy sector.

Post-war Milford Haven was not considered a promising location for tourism: a 1964 study commissioned by the District Council highlighted the lack of nearby beaches, proximity of the town to heavy industrialization, and a shortage of tourist facilities such as restaurants and hotels. However, in the 1980s, a series of steps to beautify certain parts of the town commenced. The outdoor swimming pool, which had remained disused for some years, was transformed into a water-garden and officially opened in 1990 by Margaret Thatcher. In 1991, the Tall Ships Race came to Milford, and this coincided with an overhaul of the docks. Subsequently, it was rebranded as a marina, and a number of attractions including cafes, restaurants and retail outlets sprung up. A Tourist Information Centre is located near the retail park and the local museum, in the old custom house, focuses on the maritime history of the area.