Essex - Economy

Economy

Industry is largely limited to the south of the county, with the majority of the land elsewhere being given over to agriculture. Harlow is a centre for electronics, science and pharmaceutical companies, while Chelmsford is the home of Marconi (now called telent plc and owned by Ericsson of Sweden since 2005), Basildon home to New Holland Agriculture's European headquarters and Brentwood home to the Ford Motor Company's European HQ. Debden near Loughton is home to a production facility for British and foreign banknotes. Chelmsford has been an important location for electronics companies since the industry was born, is also the location for a number of insurance and financial services organisations, and is the home of the soft drinks producer Britvic. Other businesses in the county are dominated by mechanical engineering including but not limited to metalworking, glass manufacture and plastics and the service sector. Colchester is a garrison town, and the local economy is helped by the Army's personnel living there. Basildon is the location of State Street Corporation's United Kingdom HQ International Financial Data Services, and remains heavily dependent on London for employment, due to its proximity and direct transport routes. Southend-on-Sea is home to the Adventure Island theme park and is one of the few still growing British Seaside resorts, benefiting from direct, modern rail links from Fenchurch Street railway station and Liverpool Street station (placing housing in high demand, especially for financial services commuters), which thereby maintains the town's commercial and general economy.

Parts of Eastern Essex suffer from high levels of deprivation, with one of the most highly deprived wards being the less used port of Clacton. In the Indices of deprivation 2007, Jaywick was identified as the most deprived Lower Super Output Area in Southern England. Unemployment was estimated at 44% and many homes were found to lack severely basic amenities. The Brooklands and Grasslands area of Jaywick were found to be the third most deprived area in England; two areas in Liverpool and Manchester rated higher. In contrast, however, West and South West Essex is one of the most affluent parts of Eastern England, forming part of the London commuter belt. Here there is a large middle class and the area is widely known for its private schools. In 2008, The Daily Telegraph found Brentwood and Ingatestone to be the 19th and 14th richest towns in the UK respectively.