Economy of Belfast

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 led to soaring property prices in the city. In 2007, Belfast saw house prices grow by 50%, the fastest rate of growth in the UK. In March 2007, the average house in Belfast cost £91,819, with the average in south Belfast being £141,000. 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 £285.2 million, supporting more than 15,600 jobs. Visitor numbers rose by 6% to reach 6.8 million in 2006, with tourists spending £324 million, an increase of 15% on 2005. The city's two airports have helped make the city one of the most visited weekend destinations in Europe.

Belfast has been the fastest-growing economy of the thirty largest British cities over the past decade, a new economy report by Howard Spencer has found. "That's because [of] the fundamentals of the UK economy and [because] people actually want to invest in the UK," he commented on that report.

BBC Radio 4's World reported furthermore that despite higher levels of corporation tax in the UK than in the Republic. There are "huge amounts" of foreign investment coming into the country.

The Times wrote about Belfast's growing economy: "According to the region's development agency, throughout the 1990s Northern Ireland had the fastest-growing regional economy in the UK, with GDP increasing 1 per cent per annum faster than the rest of the country. As with any modern economy, the service