Bath Spa Business Economy the Effects of the Recession 2009 By Amy Activ At Isnare.com Ezine Articles

The city of Bath has not been immune from the recession as UK unemployment recently soared to over 2 million in the first time since 1997. One of Baths key businesses – tourism on which the local hotel industry is dependent fared best in England in terms of England according to a recent survey of 18 locations in total. Although revenue per room fell by approximately 6%, occupancy rates remained at over 66%. This is thought to have been supported by the fact that more British holiday makers took short breaks or holidays in and around Bath rather than going abroad.

In such economic times the recession has had an impact on us all, whether it has been from an employment to savings, we have all seen the impact of the catastrophe of the financial market, through its naive investments in the American sub-prime housing market, and a question we are all asking is who ruined Britain?

The University of Bath has a long established tradition of strong links with industry, with global businesses such as motor manufacturers placing important research with the university. Approximately 140 companies work with the university helping lead key research to help generate jobs both locally and globally, with successful spin-out companies being a key success. Also over a 1000 organisations take students on their year long placement which forms a component of the 4 year degree course.

With over a hundred 100 pubs and bars in the city looking after the cities million visitors a year, their business is key to the local economy. While there has been some evidence of promotions on both drinks and food, most of the cities well established venues have not suffered the scale of downturn that they feared. While there have been pub closures these have been primarily outside the city centre. With a weak pound and stronger euro and dollar Bath licencees are keen to catch the year round tourist trade.

The recession has also delayed the 43 acre Western Riverside development, a major regeneration project which is to comprise of over 2000 homes, and also offices. The development will provide a major influx of much needed jobs in the construction sector and the local economy as the developer is still committed to moving the project forward.

Investment continues in Bath with the recently opened new bus station which is the first part of the £360 million pound Southgate development which will transform the southern area of Bath, formerly occupied by the old dairy and engineering buildings and the old Southgate centre. There will also be a multimillion pound investment in improving the railway station to create a transport interchange. Incorporating parking for up to 860 cars the development with its mixed usage, retail, leisure and housing is anticipated to provide approximately 400 jobs during construction and approximately 1000 jobs when all six phases are complete. The purpose of phasing the development is to minimise disruption, and it also allows the utilisation of the phase when complete.

With the announcement that the London to Bath railway line will be electrified it is believed that this will greatly improve access to Bath for both commuters and tourists alike. The new trains will be faster allowing easier access to both London and South Wales, and it is hoped that this will encourage more businesses to consider Bath as a prime business location with excellent facilities and a well educated workforce.

One area where companies are faring better is in the small to medium size private companies, who can control their finances and have the flexibility to make changes to accommodate the current financial climate, providing they are not solely reliant on bank funding which is still proving hard to come by for many small companies.

More and more people are increasingly looking online for job opportunities online such as activbath and even the possibility of working for themselves, there are an array of new opportunities out there just waiting to be explored and many can be achieved for very little investment.

Although there are many positive business factors immanent in Bath, a turnaround from the current recession, will still take some time, possibly a couple of years, but hopefully with the 2012 Olympics to be held not far away in London, this should bring the city a well needed boost to the economy with many global visitors wishing to visit this historic city of European heritage status.

Published At: Isnare Free Articles Directory http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=417158&ca=Business

Important Notice DISCLAIMER: All information, content, and data in this article are sole opinions and/or findings of the individual user or organization that registered and submitted this article at Isnare.com without any fee. The article is strictly for educational or entertainment purposes only and should not be used in any way, implemented or applied without consultation from a professional. We at Isnare.com do not, in anyway, contribute or include our own findings, facts and opinions in any articles presented in this site. Publishing this article does not constitute Isnare.com's support or sponsorship for this article. Isnare.com is an article publishing service. Please read our Terms of Service for more information.