Torbay's Economy

Situated within the stunning, rolling hills of South Devon, Torbay has a beautiful coastline, and was designated as a Global Geopark by UNESCO in 2007 in recognition of the international significance of its natural environment. Together the three towns of Torquay, Paignton and Brixham make up a popular, diverse and lively resort. Traditionally a tourism and service sector driven economy, with a heavy reliance on the public sector for employment, changing visitor patterns and cuts to public spending have required a re-evaluation of Torbay’s identity in order to grow for the future.

Torbay’s natural and historic environment is its biggest selling point for both visitors and residents alike, so it is not surprising that the majority of people associate Torbay with holidays rather than business. However there are a number of reasons why business should invest in Torbay including improving skills, quality of life and a clear strategy for growth.

Whilst located in a rural county Torbay is an urban economy, and can be seen to suffer from many of the economic challenges faced by big cities. Productivity levels are an example of this as sectoral reliance on retail and tourism contributed towards gross value added (GVA) per head levels in Torbay in 2008 falling to £12,589, 61.3% of the UK average. Although productivity levels have increased gradually from £10,248 in 2000 Torbay’s ratio ranking has fallen as other economies across the country have grown faster. This has resulted in the lowest GVA per head levels in the South West for unitary/county authorities and the 4th lowest in England.

Although Torbay faces a number of challenges the TDA is well placed to offer support to local businesses, and growth through the implementation of the Economic Strategy. The strategy was adopted in December 2010 and sets out sets out a clear way forward by building on the Bay’s strengths to improve economic prosperity, give us prosperous communities with a higher quality of life and improved access to jobs.

For more information on the Torbay economy please see the Torbay Local Economic Assessment. The Office for National Stastics also publish a series of local profiles  which include a number of datasets on the Torbay economy and the chance to compare with other local authorities.