So what is it about this UK port, essentially at the end of the line, that keeps driving major global investment, entrepreneurship, renewables innovation technology and a continually flourishing marine economy as a result?
Falmouth’s famous harbour is the largest in Cornwall and the third deepest natural harbour in the world. The last major investment in building new wharves and quaysides and extending the size of the largest dry dock was in the 1950s. Since then the dockyard’s owners have invested significantly in maintaining the facilities to a high quality and in installing new equipment to keep pace with ever changing technologies.
The marine industry has majorly diversified over the years to include oil bunkering and cargo servicing, along with the building of world-class superyachts which employs around a third of the Dock’s workforce. Specialist ship repair is now the single largest activity in the Falmouth Docks with a turnover of £45 million per year. This activity employs an average of 450 employees with a payroll of £14 million and a supply chain benefiting from £18 million worth of orders for supplies and services, a significant portion of which goes back into the local economy.
The benefits of this lucrative industry are plain to see. Based on a recent survey, the total amount of gross value added to the UK economy (GVA) from the Docks equals to £75 million. The GVA per job at the Falmouth Docks is £53,570, considerably higher than the South West average of £44,350 per FTE job. Based on the GVA per job at the Docks, the net total GVA was £82 million in 2009. This economic value encourages inward investment and allows a diverse mix of creative and artisan businesses, all infused with the spirit of the sea, to thrive in Falmouth.