Economy of Glasgow

As of 2022, the largest industries in Glasgow consist of the following sectors:{{cite web |title=Labour Market Profile - Nomis - Official Census and Labour Market Statistics |url=https://www.nomisweb.co.uk/reports/lmp/la/1946157420/report.aspx |website=www.nomisweb.co.uk |access-date=16 July 2024}}

File:Queen Mary Construction.jpg

Glasgow was once one of the most significant cities in the UK for manufacturing, which generated a great deal of the city's wealth; the most prominent industry being shipbuilding based on the River Clyde.{{cite web |url=http://www.glasgow.gov.uk/en/AboutGlasgow/History/The+Second+City.htm |title=The Second City |publisher=Glasgow.gov.uk |date=18 January 2008 |access-date=25 August 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110616125656/http://www.glasgow.gov.uk/en/AboutGlasgow/History/The%2BSecond%2BCity.htm |archive-date=16 June 2011}} Among the historic vessels constructed there were the famed tea clipper Cutty Sark, the Royal Navy battlecruiser {{HMS|Hood|51|6}}, and the transatlantic luxury liners Aquitania, {{RMS|Queen Mary}}, {{RMS|Queen Elizabeth}}, and {{RMS|Queen Elizabeth II}}.

Although Glasgow owed much of its economic growth to the shipbuilding industry, which still continues today in the form of Ferguson Marine and BAE Systems Maritime - Naval Ships' two shipyards, the city has its roots in the tobacco trade and is noted to have "risen from its medieval slumber" from trade in tobacco, pioneered by figures such as John Glassford.{{cite web |url=http://www.glasgow.gov.uk/en/AboutGlasgow/History/16th+and+17th+Centuries.htm |title=16th and 17th Centuries |publisher=Glasgow.gov.uk |date=28 March 2007 |access-date=25 August 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110728172827/http://www.glasgow.gov.uk/en/AboutGlasgow/History/16th%2Band%2B17th%2BCenturies.htm |archive-date=28 July 2011}} The city was also noted for its locomotive construction industry{{snd}}led by firms such as the North British Locomotive Company{{snd}}which grew during the 19th century before entering a decline in the 1960s.

File:Michael Gove CDL Visit to Clyde Space in Glasgow (51172781138).jpg spacecraft manufacturers based in Glasgow]]

Whilst manufacturing has declined, Glasgow's economy has seen significant relative growth of tertiary sector industries such as financial and business services (centred around the International Financial Services District on the Broomielaw, once a stretch of riverside warehouses replaced by modern office blocks), communications, biosciences, creative industries, healthcare, higher education, retail and tourism.[http://research.seeglasgow.com/media/117140/glasgow-tourism-and-events-insights.pdf]{{dead link|date=May 2017|bot=InternetArchiveBot|fix-attempted=yes}} Glasgow is now the second most popular foreign tourist destination in Scotland (fifth in the UK){{cite web |url=http://www.visitbritain.org/insightsandstatistics/inboundvisitorstatistics/ |title=Inbound tourism performance |website=VisitBritain |access-date=4 December 2014 |archive-url=https://web.archive.org/web/20141209051441/http://www.visitbritain.org/insightsandstatistics/inboundvisitorstatistics/ |archive-date=9 December 2014 |url-status=dead}} and offers Scotland's largest retail centre.

File:Glasgow, new offices and square trees on Broomielaw - geograph.org.uk - 1534075.jpg offices at 5 Atlantic Quay in the financial centre of the city]]

Between 1998 and 2001, the city's financial services sector grew at a rate of 30%, making considerable gains on Edinburgh, which has historically been the centre of the Scottish financial sector.{{cite web |url=http://www.ifsdglasgow.co.uk/district.asp?page_id=32 |archive-url=https://web.archive.org/web/20080108151012/http://www.ifsdglasgow.co.uk/district.asp?page_id=32 |archive-date=8 January 2008 |title=Glasgow's financial services economy |publisher=International Financial Services District Glasgow |access-date=9 July 2007}}{{cite web |url=http://www.edinburghbrand.com/news/information/ |archive-url=https://web.archive.org/web/20071011191337/http://www.edinburghbrand.com/news/information/ |archive-date=11 October 2007 |title=Edinburgh's Ranking |url-status=usurped |access-date=9 July 2007}} Glasgow is now one of Europe's sixteen largest financial centres,{{cite web |url=http://213.86.34.248/NR/rdonlyres/102CD2E5-FB72-4B9B-A30C-56FD592B5B61/0/BC_RS_GFCI4.pdf |title=The Global Financial Centres Index – Sept 2008 |publisher=City of London Corporation |access-date=28 December 2008 |url-status=dead |archive-url=https://web.archive.org/web/20090205211434/http://213.86.34.248/NR/rdonlyres/102CD2E5-FB72-4B9B-A30C-56FD592B5B61/0/BC_RS_GFCI4.pdf |archive-date=5 February 2009}} with a growing number of Blue chip financial sector companies establishing significant operations or headquarters in the city.{{cite web |url=http://www.scotland.gov.uk/News/Releases/2006/11/20112301 |title=Financial services jobs for Glasgow |publisher=The Scottish Government |access-date=28 December 2008 |archive-url=https://web.archive.org/web/20080718103650/http://www.scotland.gov.uk/News/Releases/2006/11/20112301 |archive-date=18 July 2008 |url-status=live}}

The 1990s and first decade of the 21st century saw substantial growth in the number of call centres based in Glasgow. In 2007 roughly 20,000 people, a third of all call centre employees in Scotland, were employed by Glasgow call centres.BBC Scotland {{cite news |url=http://news.bbc.co.uk/1/hi/scotland/glasgow_and_west/6247869.stm |title=Call centres 'enjoying boom time' |access-date=12 September 2009 |publisher=BBC |date=10 January 2007 |archive-url=https://web.archive.org/web/20070223171155/http://news.bbc.co.uk/1/hi/scotland/glasgow_and_west/6247869.stm |archive-date=23 February 2007 |url-status=live}} This growth and its high use of recruitment agencies to hire graduates as temporary workers has led to accusations of exploitative practices such as long hours, poor pay and lack of job security by the TUC and other union bodies.{{cite news |url=https://www.independent.co.uk/news/business/news/slavery-abolished-in-call-centres-685305.html |title=Slavery abolished in call centres |publisher=The Independent Newspaper |access-date=20 May 2001 |location=London |first=Kate |last=Hilpern |date=20 May 2001 |archive-url=https://web.archive.org/web/20110513082404/http://www.independent.co.uk/news/business/news/slavery-abolished-in-call-centres-685305.html |archive-date=13 May 2011 |url-status=dead}}

The city's main manufacturing industries include companies involved in; shipbuilding, engineering, construction, brewing and distilling, printing and publishing, chemicals and textiles as well as newer growth sectors such as optoelectronics, software development and biotechnology.{{Cite web |url=https://www.scotland.org/business/growth-sectors |title=Growth Sectors in Scotland {{!}} Scotland is Now|website=Scotland |access-date=1 November 2018 |archive-url=https://web.archive.org/web/20181106092815/https://www.scotland.org/business/growth-sectors |archive-date=6 November 2018 |url-status=dead}} Glasgow forms the western part of the Silicon Glen high tech sector of Scotland with consumer electronics companies such as RHA Technologies headquartered.

File:Jogging Along - geograph.org.uk - 1475387.jpg alongside the River Clyde]]

{{main|International Financial Services District}}

To the western edge of the city centre, occupying the areas of Blythswood Hill and Anderston, lies Glasgow's financial district, known officially as the International Financial Services District (IFSD), although often irreverently nicknamed by the contemporary press as the "square kilometre" or "Wall Street on Clyde".{{cite web |url=http://www.scotland.org/about/innovation-and-creativity/features/business/glasgow-flourish.html |title=Let Glasgow flourish |access-date=29 July 2008 |website=Scotland: the official online gateway |archive-url=https://web.archive.org/web/20080513060215/http://www.scotland.org/about/innovation-and-creativity/features/business/glasgow-flourish.html |archive-date=13 May 2008 |url-status=dead}} Since the late 1980s the construction of many modern office blocks and high rise developments have paved the way for the IFSD to become one of the UK's largest financial quarters. With a reputation as an established financial services centre, coupled with comprehensive support services, Glasgow continues to attract and grow new business.

Of the 10 largest general insurance companies in the UK, 8 have a base or head office in Glasgow – including Direct Line, Esure, AXA and Norwich Union. Key banking sector companies have also moved some of their services to commercial property in Glasgow – Resolution, JPMorgan Chase, Barclays Wealth, Tesco Personal Finance, Morgan Stanley, Lloyds Banking Group, Clydesdale Bank, BNP Paribas, HSBC, Santander and the Royal Bank of Scotland. The Ministry of Defence have several departments and Clydeport, the Glasgow Stock Exchange, Student Loans Company, Scottish Executive Enterprise, Transport and Lifelong Learning Department, BT Group, Scottish Friendly. Scottish Qualifications Authority and Scottish Enterprise also have their headquarters in the district. Royal Dutch Shell also have one of their six worldwide Shared Business Centres located in the IFSD. Hilton has a corporate office based in the area.{{cite web |title=Hilton Group, Glasgow – MLA |url=https://michaellaird.co.uk/projects/hilton-group/ |website=michaellaird.co.uk |access-date=16 July 2024}}

• Economy of Scotland
• Economy of Edinburgh
• Economy of Aberdeen

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{{Glasgow}}

{{Economy of Scotland}}

Category:Economy of Glasgow

Category:Economy of Scotland

Category:Economies by city