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 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)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)