Cornwall is a county in the South West of England. It is bordered by Devon and the ocean. The county is home to the Cornish people and retains a distinct cultural identity.
The most notable features of Cornwall are the extensive coastline and areas of outstanding natural beauty.
The north coast of Cornwall also has geological formations that have been exposed and, therefore, can be studied.
The Trends
Cornwall is one of the poorest counties in Britain. There are, however, a few distinctive economic sectors that can be found there that add to the county and the country’s GDP.
Although mining used to be the dominant economic activity in the county, this has now fallen to the weigh side. These days, the coastline, distinctive culture and natural beauty combine to create an impressive destination for tourists.
British tourists flock to this southern county and enjoy the mild weather and the extensive range of activities that are available for tourists. The coastline has also become a popular British surfing spot.
In order to create growth in the county, the tech sector is being targeted because of its ability to drive impressive growth at a fast pace. Cornwall has a good digital connectivity and high-speed internet. There is also a tech community that offers support to other businesses- new businesses in particular.
A new addition to the Cornish economy is aviation. The airport in Newquay is a national and international airport and Spaceport Cornwall in Newquay is aiming to deliver a horizontal launch Spaceport by 2021.
Sector Spotlight: Tourism
The tourism sector is one of the biggest employers in the county and brings in a large part of the GDP.
In recent years, people visiting the county have helped to market it through their social media posts about their trip. This has significantly boosted the exposure of the area.
The influx of tourists during the heatwave in the summer of 2018 even resulted in the overcrowding of some of the beaches in the county. The infrastructure could not cope with the dramatic rise of people visiting some of the usually quiet towns and there were several gridlocked traffic jams.
It is estimated that a third of households in Cornwall are dependent on tourism and websites such as Airbnb, making it easier to take advantage of people wanting to visit.
Is the Area for You?
Although one of the poorer counties, there are pockets of industries that are very successful. Tourism, of course, is one of these.
This is a sector that will continue to increase as social media continues to promote the beauty that exists in Cornwall. Businesses that are linked in some way to tourism can capitalise on this. Due to the continued expansion of the tourism industry in Cornwall, there is plenty of room for new businesses to establish themselves in the county.
There are also advantages to tech businesses considering establishing themselves in Cornwall.
Invest in Cornwall is an initiative that encourages new businesses to set up in the county. The incentive extends to the funding opportunities that are available for start-ups and the financial assistance that is available.
There is a strong sense of community coupled with available support that makes any move to the area as easy as possible.
These opportunities, as well as the lifestyle, climate and scenery, make Cornwall a great option for business.
