Economy of Sheffield

Economy Of Sheffield

Sheffield has an international reputation for metallurgy and steel-making. It was this industry that established it as one of England's main industrial cities during the 18th, 19th and 20th centuries. This industry used Sheffield's unique combination of local Iron, Coal and water power supplied by the local rivers. This fuelled a massive growth in the city's population that expanded from 60,995 in 1801 to a peak of 577,050 in 1951. However, due to increasing competition from imports, it has seen a decline in heavy engineering industries since the 1960s, which has forced the sector to streamline its operations and lay off the majority of the local employment.

In 2008, the city ranked among the top 10 UK cities as a business location and aims to regenerate itself as a modern technology and sports based city. However almost half of its current jobs are in the public sector, and many of these were located here specifically to address unemployment problems. The steel industry now concentrates on more specialist steel-making and, despite appearances, currently produces more steel per year than at any other time in its history. However, the industry is now less noticeable as it has become highly automated and employs far fewer staff than in the past. Today the economy is worth over £7 billion a year.