Plymouth - Economy

Economy

Because of its coastal location, the economy of Plymouth has traditionally been maritime, in particular the defence sector with over 12,000 people employed and approximately 7,500 in the armed forces. The Plymouth Gin Distillery has been producing Plymouth Gin since 1793, which was exported around the world by the Royal Navy. During the 1930s, it was the most widely distributed gin and has a controlled term of origin. Since the 1980s, employment in the defence sector has decreased substantially and the public sector is now prominent particularly in administration, health, education, medicine and engineering.

Devonport Dockyard is the UK's only naval base that refits nuclear submarines and the Navy estimates that the Dockyard generates about 10% of Plymouth's income. Plymouth has the largest cluster of marine and maritime businesses in the south west with 270 firms operating within the sector. Other substantial employers include the university with 30,000 students and almost 3,000 staff, as well as the Tamar Science Park employing 500 people in 50 companies.

Plymouth has a post-war shopping area in the city centre with substantial pedestrianisation. At the west end of the zone inside a grade II listed building is the Pannier Market that was completed in 1959 – pannier meaning "basket" from French, so it translates as "basket market". In terms of retail floorspace, Plymouth is ranked in the top five in the South West, and 29th nationally. Plymouth was one of the first ten British cities to trial the new Business Improvement District initiative. The Tinside Pool is situated at the foot of the Hoe and became a grade II listed building in 1998 before being restored to its 1930s look for £3.4 million.