Belfast is the gateway to Northern Ireland. It serves as the shop window to all that lies behind and despite some recent job losses; Belfast’s economy has been enjoying good growth. While at all times it is necessary to view any economy holistically, it is always the capital or regional city that will set the economic pace. The prosperity, or indeed the poverty, of Belfast would have an unplanned effect on the other cities, towns and villages of Northern Ireland.
Thankfully, the city’s tourism industry is currently booming; in fact it has grown by over 400% since 1994, seeing Belfast emerge as Europe’s most popular short stay destination. In 2005, tourists generated £284.9 million and helped to support nearly 16,000 jobs. According to the reputable business magazine “Management Horizons Classification”, Belfast has risen from Mr Average’ to ‘Mr Glam’.
The regeneration and revitalisation of the city is set to continue as Belfast arises phoenix like from the effects of thirty years of the troubles. Victoria Square and the Royal Exchange are but two examples and the Obel building at Donegall Quay will become the city’s tallest building. There is a brighter future in store for our capital as a modern European city.
Retail property analyst Gerald Eve, reporting on retailing within UK cities, ranks Belfast in 19th place, above both Sheffield and York. The city now hosts over 50% of all retail units in Northern Ireland - a haven for those in need of retail therapy. Encouraging more indigenous retail enterprise - adding distinctiveness to the city, rather than allowing it to become only a base for nationwide chain stores is a mission the City Council has embarked upon.
Creating a larger city centre is vital. As the city continues to grow strategic foresight is crucial in making certain that the rejuvenated riverside area, Cathedral Quarter, Victoria Square, Gas Works, Custom House Square etc. are linked to one another so that these distinctive and unique precincts do not transpire as centralised, self-contained developments.
While retail and tourism are significant components of the city’s success, they are by no means the sole contributors. To further develop the City’s economy, there is need to focus on creating an enviable skills base. Belfast’s increasingly knowledge based economy demands people with vocational and academic qualifications up to graduate level. Queen’s University, University of Ulster and the Belfast Institute of Further and Higher Education (BIFHE) will have greater roles to play in the drive towards a competitive economy. The soon to be announced new BIFHE campus, either at Titanic Quarter or within the city centre, will enhance the academic and vocational learning opportunities for 43,000 students travelling from throughout the province.
Belfast’s capital city status and its position, as NI’s economic driver require strategic economic planning. Belfast City Council’s document ‘Belfast: A Masterplan 2004 to 2020’ calls for Belfast to develop both new industry and existing businesses. And, even at this early stage, it has started to pay dividends with many gigantic cranes dominating the skyline, a testament to additional developments. Furthermore, the City Council’s vision for Belfast as a World Trade Centre is an exciting prospect capable of linking local businesses with 750,000 others worldwide.
Belfast has massive promise to become an even more desirable and profitable base for enterprise that in turn, the remainder of Northern Ireland can benefit from. People flock to the city during office hours, but there is a mass exodus come five o’clock. Government and City Council have roles in creating a vibrant cosmopolitan city centre. Maximising Belfast’s potential is tied in with succeeding as a place of relaxation, entertainment and enjoyment; a city where increasing numbers of people will not only work, but will reside. Soaring house prices, rising faster than elsewhere in the province, make obvious the investor’s confidence in the city’s promise.
Titanic Quarter, just to the east of the city centre, and where Harland & Wolff’s skilled craftsmen built luxury liners, will soon return to being a hive of industrial activity. The new Titanic Quarter - with its potential to be a world class tourist attraction - will attract not only leisure facilities and luxury housing but also create opportunities where “wealth creators” can prosper and foreign inward investment can deliver high technology jobs.
Flanking Titanic’s slipway is the Port of Belfast, Northern Ireland’s maritime gateway. With almost two million passengers and half a million-freight units annually, Belfast is Ireland’s busiest ferry port. It is also the leading dry bulk port, dominating the market with regard to imports of grain and animal feeds, coal, fertilisers and cement. Over 95% of Northern Ireland’s petroleum and oil products are also handled at the Port as well has facilitating two thirds of all of Northern Ireland’s sea borne trade. The port is a dynamic factor in Belfast and NI’s prosperity.
This is a snapshot; it is not the complete picture. Belfast is clearly Northern Ireland economy’s engine room and focal point. Wealth and well being in the capital city signifies prosperity for the remainder of the province.
