Economy
Shipbuilding and repairing, coal mining and exports, and the chemical industries declined from the latter half of the 20th Century, resulting in mass unemployment. In more recent years, however, this trend has reversed and South Tyneside attracts new industries, most notably in the service sector. There is still a considerable manufacturing base of ship-repair and offshore services, engineering, electronics, clothing, furniture, paper products, timber and small precision engineering.
At one time, Tyneside built 25% of the world's ships. South Tyneside College specialises in maritime training and attracts students from around the world.
Tourism is also an important and growing industry.
Read more about this topic: South Tyneside
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)