Economy
Rotherham is amongst the leaders in advanced manufacturing in the UK. The main Corus Engineering Steels (CES) plant produces steel for products worldwide, including Renault Formula One cars and the Airbus A380 "super jumbo" aeroplane. The smaller (CNS) site based close to the old Templeborough Melting Shop & Rolling Mills site produces hot rolled narrow strip to high tolerances for the aeronautical and agricultural industries. The future of the steel industry in Rotherham is in doubt in light of the financial crisis of 2007-2009. Rotherham's economic reliance on supplying the automobile industry with raw steel led to the announcement of a significant scale-back of operations in January 2009. This, combined with the closure of Rotherham's Burberry clothing factory led to the most significant economic crisis in the borough since the 1980s.
Over the next 20 years, Rotherham is expected to receive £2 billion in investment from private industry. The town's economy, when combined with that of Sheffield, is growing faster than Leeds and Manchester. In July 2010, statistics from Yorkshire Forward showed that Rotherham had attracted new investment and industry from abroad. The Advanced Manufacturing Park has attracted major companies including Rolls Royce and Castings Technology International (Cti). Technology developed on the AMP is utilised in leading edge projects within Formula One and the next generation of military and commercial aircraft, including the new Boeing 787 Dreamliner. Financial solutions company Norton Finance are based in the town; employing 250 people at their head office.
Because of Rotherham's proximity to the Meadowhall Centre in the Lower Don Valley, and Sheffield city centre, it does not have a wide range of big name stores for a town its size. The town centre includes major high street stores, several independent stores, markets, cafes, restaurants and bars. Shops include a large Tesco, JD Sports, New Look, Argos, Barratts, Boots UK, Foot Locker and Clarks. There are indoor and outdoor markets and a street market during the week. There are restaurants, cafes and bars around the town centre. Outside the centre is Parkgate Shopping Park, which is linked to the town centre by a free shuttle bus.
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Famous quotes containing the word economy:
“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)
“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)
“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)