Economy of Belfast

Short Brothers plc is a British aerospace company based in Belfast. It was the first aircraft manufacturing company in the world. The company began its association with Belfast in 1936, with Short & Harland Ltd, a venture jointly owned by Shorts and Harland and Wolff. Now known as Shorts Bombardier it works as an international aircraft manufacturer located near the Port of Belfast.

The rise of mass-produced and cotton clothing following World War I were some of the factors which led to the decline of Belfast's international linen trade. Like many British cities dependent on traditional heavy industry, Belfast suffered serious decline since the 1960s, exacerbated greatly in the 1970s and 1980s by the Troubles. More than 100,000 manufacturing jobs have been lost since the 1970s. For several decades, Northern Ireland's fragile economy required significant public support from the British exchequer of up to £4 billion per year.

Ongoing sectarian violence has made it difficult for Belfast to compete with Dublin's Celtic Tiger economy. This has meant that wage rates in Belfast and Northern Ireland until recently were significantly lower than those in the Republic of Ireland. The effect of the economic depression in the Irish Republic on wage levels is not yet fully apparent. The cost of living in Northern Ireland is significantly lower than in the Republic and this has created a retail boom in border towns and cities.

Industrial growth

When the population of Belfast town began to grow in the 17th century, its economy was built on commerce. It provided a market for the surrounding countryside and the natural inlet of Belfast Lough gave the city its own port. The port supplied an avenue for trade