Economy of Belfast facts for kids

The economy of Belfast, Northern Ireland was initially built on trade through Belfast Harbour. Later, industry contributed to its growth, particularly shipbuilding and linen. At the beginning of the 20th century Belfast was both the largest producer of linen in the world and also boasted the world's largest shipyard. Civil unrest impacted the city's industry for many years, but with the republican and loyalist ceasefires of the mid-1990s, Good Friday Agreement and the St Andrews Agreement in 2006, the city's economy has seen some resurgence once again.

Current economy

The IRA Ceasefire in 1994 and the signing of the Good Friday Agreement in 1998 gave investors increased confidence to invest in Belfast. This led to a period of sustained economic growth and large-scale redevelopment of the city centre. New developments included Victoria Square, the Cathedral Quarter, and the Laganside with the new Odyssey complex and the Waterfront Hall.

The Waterfront Hall.

Two other major developments included the Titanic Quarter regeneration, and the erection of the Obel Tower. In 2007, Belfast launched its vision for a World Trade Centre (currently a 'virtual' centre but with plans to become a physical building) which ostensibly aimed to promote the city to the international business market.

As of 2017, Belfast is Northern Ireland's educational and commercial hub. As of 2007, it was in the top five fastest growing regional economies in the UK. In February 2006, Belfast's unemployment rate stood at 4.2%, lower than both the Northern Ireland and the UK average of 5.5%. Over the past 10 years employment has grown by 16.4 per cent, compared with 9.2 per cent for the UK as a whole.

Northern Ireland's peace dividend has also led to soaring property prices in the city. In 2006, Belfast saw house prices grow by 43%, the fastest rate of growth in the UK. In March 2007, the average house in Belfast cost GB£191,819, with the average in South Belfast being GB£241,000. In 2004, Belfast had the lowest owner occupation rate in Northern Ireland at 54%.

Peace has also boosted the numbers of tourists coming to Belfast. There were 6.4 million visitors in 2005, which was a growth of 8.5% from 2004. The visitors spent GB£285.2 million, supporting over 15,600 jobs. The city's two airports have also made the city into one of the most visited weekend destinations in Europe.

The 32 Vestas V164 8MW wind turbines for the 256 MW Burbo Bank Offshore Wind Farm extension are to be assembled in Belfast.

Due to the ongoing COVID-19 Pandemic, the economy of Belfast has experienced a decline, according to PricewaterhouseCoopers.

Current economy

However, the IRA Ceasefire in 1994 and the signing of the Good Friday Agreement in 1998 have given investors increased confidence to invest in Belfast. This has led to a period of sustained economic growth and large-scale redevelopment of the city centre. New developments include Victoria Square, the Cathedral Quarter, and the Laganside with the new Odyssey complex and the landmark Waterfront Hall.

The Waterfront Hall.

Two other major developments will see the regeneration of the Titanic Quarter, and the erection the Obel Tower, a skyscraper set to be the tallest tower on the island until eclipsed by the U2 Tower in Dublin. In 2007, Belfast's launched its vision for a World Trade Centre (currently a 'virtual' centre but with plans to become a physical building) which aims to promote the city to the international business market.

Today, Belfast is Northern Ireland's educational and commercial hub. It is now in the top five fastest growing regional economies in the UK. In February 2006, Belfast's unemployment rate stood at 4.2%, lower than both the Northern Ireland and the UK average of 5.5%. Over the past 10 years employment has grown by 16.4 per cent, compared with 9.2 per cent for the UK as a whole.

Northern Ireland's peace dividend has also led to soaring property prices in the city. In 2006, Belfast saw house prices grow by 43%, the fastest rate of growth in the UK. In March 2007, the average house in Belfast cost GB£191,819, with the average in South Belfast being GB£241,000. In 2004, Belfast had the lowest owner occupation rate in Northern Ireland at 54%.

Peace has also boosted the numbers of tourists coming to Belfast. There were 6.4 million visitors in 2005, which was a growth of 8.5% from 2004. The visitors spent GB£285.2 million, supporting over 15,600 jobs. The city's two airports have also made the city into one of the most visited weekend destinations in Europe.

The 32 Vestas V164 8MW wind turbines for the 256 MW Burbo Bank Offshore Wind Farm extension are to be assembled in Belfast.

Images for kids

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  Harland and Wolff shipyard in 1907.