Cumbria’s economy is diverse, driven by sectors like tourism, manufacturing, and the nuclear industry, and is valued at £12 billion. The county boasts a large number of small and medium-sized enterprises, as well as major employers in the nuclear sector. Tourism, fueled by the Lake District National Park, is a significant contributor, attracting millions of visitors annually and supporting numerous jobs. 

Here’s a more detailed look:

Key Industries:

  • Tourism:The Lake District National Park is a major draw, attracting 47 million visitors per year, contributing £3 billion to the local economy and supporting 38,000 jobs. 
  • Manufacturing:A strong manufacturing base includes wood and paper production, nuclear and maritime engineering, and rubber, plastics, and food production. 
  • Nuclear:Cumbria is a hub for the UK’s nuclear industry, with a significant concentration of the national workforce employed at Sellafield and other related facilities. 
  • Agriculture, Forestry & Fishing:Traditional industries also contribute to the economy. 
  • Professional Services:Accountancy, legal, veterinary, and education services support various sectors. 

Economic Strengths:

  • Diverse Business Base:Over 23,000 active businesses, with a mix of companies, partnerships, and self-employed individuals, operate in Cumbria. 
  • Strong Workforce:Nearly 80% of the working-age population is employed or contributes to the county’s economic activity. 
  • Skilled Workforce:The county has a strong tradition of family-owned businesses delivering high-quality professional services. 
  • Tourism Sector:The Lake District National Park attracts visitors from across the UK and internationally. 
  • Green Investment:Cumbria is investing in green initiatives, including landscape preservation and the Cumbria Community Forest. 

Economic Challenges:

  • Declining Working Age Population: Attracting and retaining people in the local workforce is a challenge. 
  • Productivity Gap: Cumbria has a quantified productivity gap of £3 billion, which needs to be addressed. 
  • Income Levels: Household income levels are below the national average in most districts. 

Future Outlook:

  • Modern and Entrepreneurial Economy:Cumbria is working towards a more modern and entrepreneurial economy by 2045. 
  • Housing Development:Major housing developments, like the St Cuthbert’s Garden Village, are planned to support population growth and economic activity. 
  • Investment in Green Technologies:Cumbria aims to be a testbed for new technologies in growth sectors, including nuclear robotics and AI. 

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