Economy
The area was once dependent on heavy industry such as steel making in the Derwent Valley and coal mining (across the borough). Shipbuilding on the Tyne was also a major source of employment. However, with the decline of these industries, Gateshead has attempted to re-invent itself. Although there are significant areas of deprivation in the borough, particularly in the centre and east, a number of towns and villages in the borough are popular with commuters and professionals who are employed in the service industry and well paid areas of secondary industry such as engineering (which remains a major source of employment). Such commuter areas include Ryton, Rowlands Gill, Whickham and Low Fell. The borough is host to Tyne Yard, a major rail freight yard serving the North East.
Gateshead Quayside, once dominated by industry, has benefited from significant investment and gentrification in the past decade. It is now home to the Baltic Centre for Contemporary Art and the Sage Gateshead. The Anthony Gormley structure, the Angel of the North (the largest free standing sculpture in the United Kingdom) is also nearby. This puts Gateshead at the forefront of the arts both regionally and nationally.
The area is also an important retail hub, with the largest shopping centre in the European Union, and second largest in Europe as a whole, the MetroCentre, situated adjacent to the A1 trunk road. Further retail, and a significant number of engineering companies are located in the Team Valley Trading Estate, which at one time was the largest industrial estate in Europe.
Read more about this topic: Metropolitan Borough Of Gateshead
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)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)