Lagoa (Azores) - Economy

Economy

The 2001 Portuguese census identified a population of 5575 residents active in the workforce; 42.7% are employed: 85.5% as workers and 5% owners/proprietors, while the remainder pertain to unclassified classes, homemakers or active members of the local cooperative. The census further concludes that 848 companies (private or public) have headquarters in the municipality, equivalent to 4.8% of the Azores, and showing a 26.4% increase between 2001 and 2004. These companies are primarily construction firms, but also include gross and domestic retail, repair (automobile, motorcycle or domestic goods), although agriculture is the primary economic beneficiary. Between 2001 and 2004, activities in agricultural production, livestock, hunting and forestry have seen a 48.4% growth between 2001 and 2004.

The tertiary sector is the primary employer in the municipality; 58.5% of the population identify themselves as public servants, accounting for a 17.8% growth (2001–2004), while hotelier and restaurants show a 44.2% growth during the same period. Recently, Lagoa has developed a tourist infrastructure associated in character with its historic past, but primarily its resort centers (for example, Caloura, in Água de Pau), bays, coves and beaches (such as Baixa d´Areia), traditional farms and older buildings (like the old monastery of Vale de Cabaços, commonly known as the Convento da Caloura) have attracted new visitors. Hotels and associated bed & breakfast-type residencias are common, with the 4-star Caloura Hotel Resort the primary tourist destination.