Torbay's Economy

One of the most popular areas of the country to visit, Torbay is also a much favoured place to live and work. Stunning coastline and countryside are complemented by strong communities, good schooling, low crime rates and excellent public facilities. Transport links are improving and the distinctive and tangible benefits of living and working in the area are increasingly recognised as the values that will encourage inward investment and ensure a thriving and sustainable economic future.

The three major towns are all located on the coast and the local economy has historically focused on tourism, fishing and some manufacturing activities, supported by retail and public sector activities. The Torbay economy has a relatively narrow focus and is dependent on these few key sectors.

As a result, the Torbay economy has experienced gross value added (GVA) growth of 2.4% per annum between 1995 and 2003, which is approximately half the growth experienced at national and regional levels. Employment growth has averaged 1.9% per annum in the ten years to 2004, lower than the national average and significantly lower than the regional and county averages. Torbay's GVA per head figure was £10,208 in 2003, which has fallen to 63% of the national average. This ratio has fallen in each of the last seven years and Torbay has the lowest GVA per head figure of all county and unitary authorities in the South West, having been surpassed by Cornwall and the Isles of Scilly in the latest data. Torbay now has the 9th lowest GVA per head figure of all county and unitary authorities in the UK.

The Torbay Economic Regeneration Strategy, developed over a 10 months period and launched in July 2007, sets out local priorities, based on local competitive strengths and locational advantages. It aims to capitalise on Torbay's unique environment and location to enable it to compete in the modern economy.