Economy
Lichfield's wealth grew along with its importance as an ecclesiastical centre. The original settlement prospered as the place where pilgrims gathered to worship at the shrine of St Chad: this practice continued up until the Reformation when the shrine was destroyed.
In the Middle Ages, the main industry in Lichfield was making woollen cloth. There was also a leather industry in Lichfield. Much of the surrounding area was open pasture and there were many surrounding farms.
In the 18th century, Lichfield became a busy coaching centre. Inns and hostelries grew up to provide accommodation, and industries dependent on the coaching trade such as coach builders, corn and hay merchants, saddlers and tanneries began to thrive. The main source of wealth to the city came from the money generated by its many visitors. The invention of the railways saw a decline in coach travel, and with it came the decline in Lichfield's prosperity.
By the end of the 19th century, brewing was the principal industry, and in the neighbourhood were large market gardens which provided food for the growing populations of nearby Birmingham and the Black Country.
Today there are a number of light industrial areas, predominantly in the east of the city, not dominated by any one particular industry. The district is famous for two local products: Armitage Shanks, manufacturers of baths/bidets and showers, and Arthur Price of England, master cutlers and silversmiths. Many residents commute to Birmingham.
Lichfield City Council has predicted that once completed, the new Friarsgate retail and leisure development could attract 11,000 more visitors to the city every month, generating annual sales of around £61 million and creating hundreds of jobs in the city.
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Famous quotes containing the word economy:
“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)
“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)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)