Economy of Luton
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This article is about the Economy of Luton
Over the centuries, due to technological and economic change, Luton's economy has changed and developed to keep pace with the rest of the UK. Major industries that are related to Luton include Brickmaking, Millinery or Hat making, Automobile production and it's airport, London Luton Airport. Currently, Luton is going through a regeneration scheme that will transform the Central Business District to include a new shopping centre on Power Court, the redevelopment of the Town Square and a refit of The Mall Arndale Centre.
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[edit] History
[edit] Early Industries
[edit] Brickmaking
[edit] Hat Making
[edit] Vauxhall
Vauxhall came to Luton in 1905, just two years after the company had started to make cars.[1] The company was taken over by GM in 1925 but continued to develop and build its own vehicles in Luton. In 1931 the truck and bus arm Bedford was created, the first Bedford vechicles were reworked Chevrolet vehicles but Bedford soon became a unique marque in its own right. During the Second World War, Vauxhall became a major supplier of lorries and also produced the Churchill Tank which were tested in the grounds of nearby Luton Hoo. The lake at Wardown Park was even used for testing vehicles to be used on D-Day. During the 1960s the factory in Luton employed 37,000 people but from the end of the 1960s production and employment in the town was reduced.
In 2000 the company announced that car production would end and the factory finally closed in March 2002.
[edit] Today
[edit] Shopping
[edit] The Airport
[edit] The Future
[edit] Employment
This caused an upsurge of unemployment in the town[2], however, with plans to expand the airport, and the redevelopment of Luton Town centre, a demand for engineering and construction skills has meant that unemployment levels have dropped.
The airport is vital to the local economy, employing about 9,500 people, 55% of whom live in Luton.[3] Although Manufacturing is still the biggest employer in the town, the rate is decreasing every year, and the demand for services will increase in sectors such as retailing.[4],
[edit] Trends
This is a chart of trend of regional gross value added of Luton at current basic prices published[5] (pp.240-253) by Office for National Statistics with figures in millions of British Pounds Sterling.
| Year | Regional Gross Value Added a | Agriculture b | Industry c | Services d |
|---|---|---|---|---|
| 1995 | 2,067 | 1 | 902 | 1,165 |
| 2000 | 2,614 | 1 | 850 | 1,763 |
| 2003 | 3,090 | 1 | 811 | 2,278 |
Notes
- a Components may not sum to totals due to rounding
- b includes hunting and forestry
- c includes energy and construction
- d includes financial intermediation services indirectly measured
[edit] References
- ^ History of Vauxhall in Luton
- ^ 2011 Luton Plan
- ^ Three Counties Radio report - Luton Airport
- ^ Luton Borough Council Employment report
- ^ Office for National Statistics economy figures
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