Main Economic Features

Thriving Towns in a Rural Setting

Cornwall's population has enjoyed the fifth fasted growth in the UK, and stood at 532,200 in 2010. The county has nine towns with over 10,000 inhabitants: Truro, Falmouth, Penzance, Newquay, St Austell, Bodmin, Saltash, Helston and the combined area of Camborne/Redruth. The bustling cathedral city of Truro is the capital and the centre for administration, commerce and tourism.

GVA Strengthens

With the second highest growth rate in the UK of 6.1% between 2008 and 2009, Cornwall’s GVA has continued to increase above national averages, since EU funding began.

Cornish Labour Market

91.6% of the working population in Cornwall holds a qualification
Over 25% of those qualified are at a rate of NVQ level 4 or above
16% of the working population are skilled tradesmen
The largest employment sector in Cornwall and the Isles of Scilly is the service sector (distribution, public administration, financial services and IT)
The Gross Weekly Pay in Cornwall is £408.60, below the rest of England which is £491.00
Small and medium sized firms comprise most of the companies located in Cornwall (60%) offering a wide range of specialised services

Major expansion in Higher Education

Cornwall's education sector has grown rapidly in recent years with the number of people studying in Cornwall likely to exceed 7,500 by 2011. One of the most significant developments came in 2004 when several highly respected educational institutions joined to form the new Combined Universities in Cornwall (CUC), centred on a state-of-the-art 'hub' campus at Tremough. As well as being able to draw on the skills of its graduates, many companies are already benefiting from the CUC's business incubation facilities

Cornwall Connects

A highly successful roll-out campaign has seen Cornwall's broadband coverage shoot from zero in 2002 to 99% in 2007 – in fact Cornwall’s overall broadband penetration rate is now 10% higher than the national rate. In 2011 Cornwall will be one of the first areas in the UK to receive superfast broadband, ensuring coverage to businesses in Cornwall and the Isles of Scilly. The Superfast Cornwall project will transform the economic performance of the county and make it one of Europe's best connected regions.

Cornwall and the Recession

Compared to the rest of the South West region and the rest of England, Cornwall has recovered comparatively well from the recent economic recession.

Cornwall had the fewest number of redundancies in the South West relative to its population (November 2008- January 2010)
Cornwall maintains one of the highest levels of vacancies throughout the recession
The employment rate has remained relatively stable around 73% since the start of the recession.
88% of local businesses are expected to maintain or grow their workforce by the end of 2010

By staying connected with Superfast Cornwall, up to date training from CUC, and increased transport links at NQY, Cornwall was able to effectively face the recession by providing local businesses with the tools to develop new products, new ways of selling, and access new markets.

All this translates into an economy that is exceptionally well positioned for success in the twenty-first century.