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Economy of Penzance


JuteVilla
The economy of Penzance has, like those of many Cornish communities, suffered from the decline of the traditional industries of fishing, mining and agriculture. Penzance now has a mixed economy consisting of light industrial, tourism and retail businesses. However, like the rest of Cornwall, housing remains comparatively expensive, wages low and unemployment high. In 2007, house prices rose 274% from 10 years prior, the fastest rise in the UK. The fishing port of Newlyn, which falls within the parish boundaries, provides some employment in the area, but has also been greatly affected by the decline in the fishing
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