Stirling - Economy

Economy

At the centre of a large rural agricultural hinterland that encompasses some of the flattest and most productive land in Scotland, Stirling principally functioned as a market town, symbolised by its Mercat cross, with farmers coming to sell their products and wares in the large agricultural market that was held in the town. Today, agriculture still plays a part in the economic life of Stirling, given its focus at the heart of a large rural area, but to a much lesser extent than previously.

With Stirling's development as a market town and its location as the focus of transport and communications in the region, it has developed a substantial retail sector serving a wide range of surrounding communities as well as the city itself. Primarily centred on the city centre, there are a large number of chain stores, as well as the Thistles shopping centre. However this has been augmented by out-of-town developments such as the Springkerse Retail Park on the city bypass to the east of Stirling, and the development of a large Sainsbury's in the Raploch.

A major new regeneration project on the site of the former port area and the 40-acre (160,000 m2) former Ministry of Defence site, adjacent to Stirling Railway Station, is currently underway. Known as Forthside, it has the aim of developing a new waterfront district linked to the railway station via a new pedestrian bridge. The development comprises retail, residential and commercial elements, including a conference centre, hotel and Vue multiplex cinema, that will ultimately expand the city centre area, linking it to the River Forth, which has been cut off from the city centre area since the construction of the A9 bypass under the railway station in the 1960s. For the first time in 100 years, local people will have access to the banks of the River Forth in the city centre with landscaped public areas, footpaths, cycleways and an improved public transport network.

In the service sector, financial services as well as tourism are the biggest employers. The financial services and insurance company Prudential have a large and well-established base at Craigforth on the outskirts of Stirling. In terms of tourism, the presence of such historical monuments as Stirling Castle, the National Wallace Monument and other nearby attractions like Blair Drummond Safari Park, the key role which Stirling has played in Scottish history, as well as the scenery of the area, has bolstered Stirling's position as an important tourist destination in Scotland.

The University of Stirling and Stirling Council are two of the biggest employers in the area. Knowledge related industries, research and development as well as life sciences have clustered around the university in the Stirling University Innovation Park, close to its main campus. Other public sector agencies that are major employers in the city include Central Scotland Police, Scottish Prison Service, NHS Forth Valley and the Scottish Environment Protection Agency.

Stirling is home to national construction companies Ogilvie Group, chaired by Duncan Ogilvie, who is listed in the Times Rich List as being worth £35 million.

A Bank of Scotland survey in 2009 found that workers in Stirling had the highest average earnings of £716 a week.