Economy
The last shipbuilder, John Readhead & Sons, closed in 1984 and the last pit, Westoe Colliery, in 1993. Today, the town relies largely on service industries, whilst many residents commute to work in nearby Newcastle, Gateshead, North Tyneside and Sunderland.
Despite a skilled local workforce, for many years South Tyneside had the highest unemployment rate in mainland Britain, although between December 2002 and December 2008 unemployment in South Shields fell by 17.8%, and that of South Tyneside by 17.7%, the best performance in the North East region over that time period.
In January 2011, the Guardian reported the unemployment rate at 6.5%. In October 2011 the Guardian reported the unemployment rate at 7.5%
The Port of Tyne is one of the UK's most important and is further developing its freight and passenger activities. In 2007, it imported two million tonnes of coal. Manufacturing and ship repair/engineering are other significant sectors.
South Shields benefits from significant public and private sector investment. More recently this has included primarily the town centre, riverside and foreshore areas, given the decline of once-traditional heavy industries with the town's growing importance as a major commercial centre and tourist destination.
Read more about this topic: South Shields
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“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)