Economy
| Wakefield Compared | ||||
|---|---|---|---|---|
| 2001 UK Census | Wakefield | WY Urban Area | England | |
| Population (16-74) | 55,789 | 1,072,276 | 35,532,091 | |
| Full-time employment | 39.7% | 39.5% | 40.8% | |
| Part-time employment | 12.4% | 12.1% | 11.8% | |
| Self employed | 6.7% | 6.3% | 8.3% | |
| Unemployed | 4.1% | 3.8% | 3.3% | |
| Retired | 14.1% | 12.8% | 13.5% | |
| Source: Office for National Statistics | ||||
The economy of Wakefield declined in the last quarter of the 20th century as the coal mines and traditional manufacturing industries closed contributing to high rates of unemployment. In terms of deprivation, Wakefield, as a whole, is ranked 54th out of 354 Local Authority Districts (1 being the worst). Employment grew by 12% between 1998 and 2003 as the economy recovered and enjoyed growth as the economic base of the district was diversified. Growth has been supported by inward investment from European and United Kingdom government funding which has impacted on the regeneration of the area. Manufacturing remains an important employment sector although the decline is projected to continue whilst distribution and the service industries are now among the main employers.
At the 2001 census, there were 33,521 people in employment who were resident within Wakefield. Of these, 20.74% worked in the wholesale and retail trade, including repair of motor vehicles; 14.42% worked within manufacturing industry; 11% worked within the health and social work sector and 6.49% were employed in the transport, storage and communication industries. Wakefield is a member of the Leeds City Region Partnership, a sub-regional economic development partnership covering an area of the historic county of Yorkshire.
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Famous quotes containing the word economy:
“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)