Economy
The economy of Penzance has, like those of many Cornish communities, suffered from the decline of the traditional industries of fishing, mining and agriculture. Penzance now has a mixed economy consisting of light industrial, tourism and retail businesses. However, like the rest of Cornwall, housing remains comparatively expensive, wages low and unemployment high. House prices have risen 274% in 10 years, the fastest rise in the UK. The fishing port of Newlyn, which falls within the parish boundaries, provides some employment in the area, but has also been greatly affected by the decline in the fishing industry over the last 30 years. In the 2004 index of deprivation Penzance is listed as having 3 wards within the top 10% for employment deprivation, Penzance East (125th most deprived in England) Penzance West (200th most deprived in England), and Penzance Central (712th most deprived in England). 18-31% of households in the parish are described as "poor households". The Penzance East Ward also has one the highest unemployment rates in Cornwall, stated as 15.4%.
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Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)