Economy in Plymouth

The economy of Plymouth has traditionally been linked to its coastal location focusing around fishing and the military, in particular Devonport Dockyard. The recent decline of these industries has seen a greater diversification towards a service based economy based on healthcare, food and drink and call centres with electronics, advanced engineering and boat building still maintaining a prime role.

The decline of heavy industries has had a negative effect on the city’s employment figures. in the past eight years employment has risen 11%, however, employment and wages still remain significantly below the national average.

in terms of retail Plymouth is ranked second in the South West and 29th nationally. As the chief regional city of Devon and Cornwall, Plymouth has a catchment area of over 720,000 people with an annual high street expenditure of over £600 million being spent in the city. An annual influx of 11.8 million tourists is another major contributor to the local economy. The city is also one of 22 British cities to trial the new Business improvement District initiative.