Waterford - Economy

Economy

Waterford is the main city of Ireland's South-East Region. Historically Waterford was an important trading port which brought much prosperity to the city throughout the city's eventful history. Waterford Port is Ireland’s closest deep-water port to mainland Europe, handling approximately 12% of Ireland’s external trade by value. Waterford's most famous export, Waterford Crystal is an internationally known and highly sought after product that was manufactured in the city from 1783 to 2009. Some of the places where Waterford Crystal can be seen include New York City where Waterford Crystal made the 2,668 crystals for the famous New Year's Eve Ball that is dropped each year in Times Square, in Westminster Abbey, Windsor Castle, and the Kennedy Center, Washington, D.C.. Throughout its history Waterford Crystal provided employment to thousands in the city and surrounding areas.

Agriculture also played an important part in Waterford's economic history. Kilmeadan about 5km from the city was also home to a very successful co-operative. The farmers of the area benefited greatly from the sale of their produce (mostly butter and milk) to the co-op. In 1964, all of the co-ops in Waterford amalgamated, and was registered as Waterford Co-op. This led to the construction of a cheese factory on a green field site opposite the general store, and Kilmeadan cheese was to become one of the most recognised and successful cheddar brands in the world. This is evident as the brand won a gold and bronze medal in the World Cheese Awards in London in 2005.

Today, Waterford is the site of a number of multinational companies including GlaxoSmithkline, Bausch & Lomb, Genzyme, Hasbro, Teva Pharmaceuticals and Honeywell International.

The Irish economic recession from 2008 onwards has had a major negative impact on Waterford's economy. A number of multinational companies have closed from the recession, including Waterford Crystal and Talk Talk, which has led to a high rate of unemployment.