Local Economy
The Isle of Wight has built up an enviable reputation as a place of excellence and innovation in the fields of maritime and aerospace engineering and technology. Many world class companies such as British Aerospace Defence Systems, GKN Westland Aerospace, Britten-Norman and FBM Marine are based on the Island.
In recent years the Island has been successful at developing a cluster of businesses in the renewable energy and composites sectors such as SP Systems and Vestas Blades. The Island also has many small and medium sized companies which manufacture products as diverse as fine glass and greetings cards.
The Island has also developed a thriving farmers' market and at least two Island companies have been recognised as Rick Stein food heroes.
Tourism
Tourism is the Isle of Wight’s economic lifeblood. Its coast, countryside, towns, villages, lively resorts and wealth of attractions generate over 2 million visitors a year.
Visitors spend over £300 million which underpins the employment, directly and indirectly of around 13,000 people, equivalent to 24% of total employment on the Island.
The Isle of Wight’s core tourism business remains highly seasonal main holidays – a market which is declining nationally. However, short breaks and special interest holidays are growing in importance and there is scope to increase overseas visits from the current low base. Events are a major stimulus to visits to the Island particularly those related to yachting and watersports. Cowes Week alone is thought to attract in excess of 42,000 visitors and 6,000 yachtsmen and overall contribute £3.75 million to the Island’s economy.
Links: Isle of Wight Business ( http://www.iwight.com/isle_working/ )
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