Economy
Historically Coventry was the most important seat of ribbon-making in the UK. In this industry it competed locally with Norwich and Leicester and internationally with St Etienne in France.
Coventry has long been a centre of motor and cycle manufacturing, dating from 1896. Starting out with some less familiar names such as Coventry Motette, The Great Horseless Carriage Company, Swift Motor Company and more familiar names like Humber, Riley, Francis-Barnett and Daimler and the Triumph motorcycle having its origins in 1902 in a Coventry factory. The Massey-Ferguson tractor factory was situated on Banner Lane, Tile Hill, until it closed in the late 1990s. Although the motor industry has declined almost to the point of extinction, the Jaguar company has retained its corporate and research headquarters in the city (at Allesley and Whitley), and Peugeot still have a large parts centre in Humber Road. The famous London black cab taxis are produced in Coventry by LTI and these are now the only vehicles still wholly built in Coventry.
The manufacture of machine tools was once a major industry in Coventry. Alfred Herbert Ltd became one of the largest machine tool companies in the world. Unfortunately in later years the company faced tough competition from foreign machine tool builders and ceased trading in 1983. Another famous Coventry machine tool manufacturer was the A. C. Wickman company. The last Coventry machine tool manufacturer was Matrix Churchill which was forced to close in the wake of the Iraqi Supergun (Project Babylon) scandal. It had been owned by the Saddam Hussein government, via front companies, and closed amidst much controversy and bad feeling.
Coventry's main industries include: cars, electronic equipment, machine tools, agricultural machinery, man-made fibres, aerospace components and telecommunications equipment. In recent years, the city has moved away from manufacturing industries towards business services, finance, research, design and development, creative industries as well as logistics and leisure.
Coventry motor companies once contributed significantly to the British motor industry but that role is now much diminished.
This is a chart of trend of regional gross value added of Coventry at current basic prices by Office for National Statistics with figures in millions of British Pounds Sterling:
| Year | Regional Gross Value Added 1 | Agriculture 2 | Industry 3 | Services 4 |
|---|---|---|---|---|
| 1995 | 3,407 | 3 | 1,530 | 1,874 |
| 2000 | 4,590 | 3 | 1,873 | 2,714 |
| 2003 | 5,103 | 2 | 1,529 | 3,572 |
Notes:
- Components may not sum to totals due to rounding
- Includes hunting and forestry
- Includes energy and construction
- Includes financial intermediation services indirectly measured
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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)
“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)
“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)