Economy
See also: List of companies in SheffieldThis is a chart of trend of regional gross value added (GVA) of Sheffield at current basic prices published (pp. 240–253) by Office for National Statistics with figures in millions of British Pounds Sterling.
| Year | Regional Gross Value Added4 | Agriculture1 | Industry2 | Services3 |
|---|---|---|---|---|
| 1995 | 4,971 | 9 | 1,579 | 3,383 |
| 2000 | 6,162 | 8 | 1,631 | 4,523 |
| 2003 | 7,280 | 9 | 1,778 | 5,494 |
^1 includes hunting and forestry
^2 includes energy and construction
^3 includes financial intermediation services indirectly measured
^4 Components may not sum to totals due to rounding
| Labour Profile | ||
|---|---|---|
| Total employee jobs | 239,941 | |
| Full-time | 156,407 | 65.2% |
| Part-time | 83,533 | 34.8% |
| Manufacturing | 33,568 | 14.0% |
| Construction | 9,239 | 3.9% |
| Services | 196,646 | 82.0% |
| Distribution, hotels & restaurants | 57,924 | 24.1% |
| Transport & communications | 11,575 | 4.8% |
| Finance, IT, other business activities | 43,694 | 18.2% |
| Public admin, education & health | 70,442 | 29.4% |
| Other services | 13,011 | 5.4% |
| Tourism-related | 18,146 | 7.6% |
The city spearheaded the knowledge advances which gave it preeminence in steel and cutlery production, today the transfer of technology from Sheffield's universities is claimed by some to be "guaranteeing" Sheffield's continuing industrial and commercial evolution, creating cutting-edge enterprises across the city. High technology businesses such as the US company Fluent, Inc., for example, have chosen Sheffield as the centre for their international operations and so has Jennic, specialists in semiconductor design for the home automation, commercial building automation, and industrial process monitoring and control markets.
Insight Enterprises will invest £50m in a new European headquarters in the city resulting in 1700 jobs over the 2005-2008 period, while Boeing, through its collaboration with the University of Sheffield will be at the centre of an Advanced Manufacturing Park (AMP) on the edge of the City, home to a cluster of businesses in the advanced manufacturing sector. Other areas of employment include call centres, the City Council, universities and hospitals.
There are signs that the Sheffield economy is seeing a revival. The 2004 Barclays Bank Financial Planning study revealed that, in 2003, the Sheffield district of Hallam was the highest ranking area outside London for overall wealth, the proportion of people earning over £60,000 a year standing at almost 12%. A survey by Knight Frank revealed that Sheffield was the fastest growing city outside of London for office and residential space and rents during the second half of 2004.
Cushman & Wakefield's respected Global Research Reports include the "UK Cities Monitor 2008" which placed Sheffield among the top ten "best cities to locate a business today", and reported 3rd and 4th places respectively for best office location and best new call centre location. The same report places Sheffield in 3rd place regarding "greenest reputation" and 2nd in terms of the availability of financial incentives.
As an example of the City's move away from traditional industry, Sheffield is now the home to one of the Countries fastest growing online job boards, My Job Group, whose HQ is based there and serves the City with its very own jobs board. This site competes strongly with the traditional way of finding employment in Sheffield which is through the local newspaper whose main vacancies day is Thursday.
Organised by the Sheffield Chamber of Commerce and Industry, the Sheffield Business Awards is an awards ceremony held on an annual basis to help highlight and promote business and industry in Sheffield and boost the economy of the city.
Read more about this topic: Economy Of Sheffield
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“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)