Monmouth - Economy

Economy

Monmouth developed primarily as a market town, and agricultural centre, rather than as a centre of industry. The wool industry was important in its early growth, and the town was a centre for the production of the very popular knitted and felted Monmouth caps, from the 15th century onwards. Historically, Monmouth also had iron and tinplate works, together with paper and corn mills. The town was also an important river port, with warehouses and wharves along the Wye later removed for the building of the A40 relief road.

Monmouth is now primarily a centre for service industries and tourism, and its good road communications have encouraged commuting to larger centres in the West Midlands, South Wales, and Bristol. The Monmouth and District Chamber of Trade and Commerce represents businesses in the town and aims to support and encourage their development.

The town has a variety of both national and independent shops, many of which are located in Monnow Street. Supermarkets include Waitrose, Cooperative Food, Marks & Spencer Food, Iceland, and (at Wyesham) Lidl. The town also has a full range of banks and many independent cafes and restaurants. Church Street, a cobbled pedestrianised street, contains craft shops, a book shop, a traditional greengrocer, chemist, coffee shops and restaurants. Monmouth has been a Fairtrade town since 2005. A regular market takes place close to the Monnow Bridge, and occasionally in the traditional market place in Agincourt Square. There are numerous public houses in the centre of the town, including the Old Nags Head, the Queen's Head, the Punch House, the Griffin, the Gloucester, the Vinetree, the King's Head (Wetherspoon), the Three Horseshoes, the Green Dragon and the Gatehouse.

According to the 2001 census, Monmouth had relatively high proportions of its population working in the retail and wholesale sectors of the economy (19.5%, compared with 16.3% for Wales as a whole), education (11.8%, compared with 8.1% across Wales), and property services (10.8%, compared with 8.5% across Wales). The proportion working in manufacturing was lower than the average (16.5% compared with 17.3% across Wales), as was the proportion in public administration (4.3% compared with 6.8% across Wales). In terms of occupational groups, the proportion of residents in managerial and professional posts was higher than average (30.1% compared with 22.7% across Wales), and the proportions in administrative and processing work were lower (8.7% in each group, compared with 12.2% and 10.2% respectively across Wales).