Economy
At the end of the eighteenth century the town is noted as having little trade beyond weaving. The first mention of coal mining in the area is in the Boldon Book of 1183. However, early coal mining was limited by the lack of an easy way to transport coal away from the area. The arrival of the railways transformed the town as it allowed coal to be mined, and then transported to the coast before being put onto ships to London and even abroad. At the start of the twentieth century 16,000 people were employed in the mining industry in the area. However, by 1915 the coal industry in the town had started to decline as coal reserves started to become exhausted. The last deep colliery in the area closed in 1968.
Today, with the decline of the Durham coalfield, manufacturing has been left as the largest sector of employment in the town, accounting for 24.6% of the town's employment.
The town also traditionally had a strong retail sector, as one of the county's main population centre's shoppers were attracted from smaller settlements on the Durham coalfield for miles around. However, the effect of the decline in the coal mining industry has been felt in the retail sector. Together with competition from local shopping malls such as the MetroCentre in Gateshead, the decline in the mining industry has been blamed for a downturn in the fortunes of retailers, with commentators lamenting the number of down market stores and charity shops in the town centre. In response, numerous initiatives to regenerate the town centre have been proposed including the launch of the Bishop Auckland Town Centre Forum, and the 2006 regeneration master plan drawn up by Red Box Group, which was sponsored by Wear Valley District Council and the regional development agency One NorthEast.
Notable employers in the town include Ebac, which is headquartered in the town and employs 350 people.
Read more about this topic: Bishop Auckland
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“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)
“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)