Economy
Newport's Travel to Work Area incorporates much of south Monmouthshire; the new 2001-based area also includes Cwmbran. The city itself has three major centres for employment: the city centre, and business parks clustered around the M4 motorway junctions 24 in the east and 28 in the west.
Organisations based in the city include Cassidian – the defence and security division of aerospace giant EADS; the Passport Office for much of the south and west of the UK; and the Wales headquarters of the Charity Commission and British Red Cross; the headquarters of the UK Office for National Statistics; the headquarters of the United Kingdom Intellectual Property Office (formerly known as the Patent Office); the headquarters of Wales and West Utilities; a large Panasonic manufacturing plant; a manufacturing plant for International Rectifier; the shared-service centre for HM Prison Service.
In 1997, Newport secured what was then thought to be Europe's largest-ever inward investment when the LG Group announced a £1.7 billion project creating 6,100 jobs, and supported by public sector grants. Facilities were built on the Celtic Lakes business and science park, but market conditions led to the semiconductor plant never opening, and the CRT plant eventually closed in 2003. In 2005 Irish radiator manufacturer Quinn Group bought the former LG Phillips building, which became its European base.
Industry in the east of Newport was formerly based at the Corus Llanwern steelworks, and although the rolling mill is still active, steel manufacture ceased in 2001. Permission has been granted to transform the 600-acre (2.4 km2) former steelworks site into a £1bn mixed-use development comprising housing, office and industrial space, public open space and a range of community facilities.
At the mouth of the River Usk, the Sims Metal Management plant hosts the world's largest industrial shredder for scrap metal with access by road, rail and sea. The plant, which is also the world's largest car crusher which was featured in the TV series 'How do they do it'.
Newport Cattle Market, in the Pillgwenlly area of the city, closed in 2009 and was demolished to make way for a new supermarket.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“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)