Economy
Shipbuilding and repairing, coal mining and exports, and the chemical industries declined from the latter half of the 20th Century, resulting in mass unemployment. In more recent years, however, this trend has reversed and South Tyneside attracts new industries, most notably in the service sector. There is still a considerable manufacturing base of ship-repair and offshore services, engineering, electronics, clothing, furniture, paper products, timber and small precision engineering.
At one time, Tyneside built 25% of the world's ships. South Tyneside College specialises in maritime training and attracts students from around the world.
Tourism is also an important and growing industry.
Read more about this topic: South Tyneside
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“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)