Economy
The IRA Ceasefire in 1994 and the signing of the Good Friday Agreement in 1998 have given investors increased confidence to invest in Belfast. This has led to a period of sustained economic growth and large-scale redevelopment of the city centre. Developments include Victoria Square, the Cathedral Quarter, and the Laganside with the Odyssey complex and the landmark Waterfront Hall.
Other major developments include the regeneration of the Titanic Quarter, and the erection of the Obel Tower, a skyscraper set to be the tallest tower on the island. Today, Belfast is Northern Ireland's educational and commercial hub. In February 2006, Belfast's unemployment rate stood at 4.2%, lower than both the Northern Ireland and the UK average of 5.5%. Over the past 10 years employment has grown by 16.4 per cent, compared with 9.2 per cent for the UK as a whole.
Northern Ireland's peace dividend has led to soaring property prices in the city. In 2007, Belfast saw house prices grow by 50%, the fastest rate of growth in the UK. In March 2007, the average house in Belfast cost £91,819, with the average in south Belfast being £141,000. In 2004, Belfast had the lowest owner occupation rate in Northern Ireland at 54%.
Peace has also boosted the numbers of tourists coming to Belfast. There were 6.4 million visitors in 2005, which was a growth of 8.5% from 2004. The visitors spent £285.2 million, supporting more than 15,600 jobs. Visitor numbers rose by 6% to reach 6.8 million in 2006, with tourists spending £324 million, an increase of 15% on 2005. The city's two airports have helped make the city one of the most visited weekend destinations in Europe.
Belfast has been the fastest-growing economy of the thirty largest British cities over the past decade, a new economy report by Howard Spencer has found. "That's because the fundamentals of the UK economy and people actually want to invest in the UK," he commented on that report.
BBC Radio 4's World reported furthermore that despite higher levels of corporation tax in the UK than in the Republic. There are "huge amounts" of foreign investment coming into the country.
The Times wrote about Belfast's growing economy: "According to the region's development agency, throughout the 1990s Northern Ireland had the fastest-growing regional economy in the UK, with GDP increasing 1 per cent per annum faster than the rest of the country. As with any modern economy, the service sector is vital to Northern Ireland's development and is enjoying excellent growth. In particular, the region has a booming tourist industry with record levels of visitors and tourist revenues and has also established itself as a significant location for call centres." Since the ending of the regions conflict tourism has boomed in Northern Ireland, greatly aided by low cost.
Der Spiegel, a German weekly magazine for politics and economy, titled Belfast as The New Celtic Tiger which is "open for business".
Read more about this topic: Belfast
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)