Divided into five local constituencies - Riverside, Walton, Wavertree, and West Derby - Liverpool is one of the most dramatic success stories in modern English economics. Historically plagued by unemployment and poverty, Liverpool was hit particularly hard by the post-Industrial Revolution manufacturing decline that swept the UK. But this important port city (3rd largest in Great Britain) established an inspiring model for the nation when it transitioned its workforce of nearly a quarter million into a service sector economy by conducting invaluable citywide regeneration projects. In 2008, it was named the European Capital of Culture, and continues to grow and evolve today.
The public sector currently staffs about 40% of local employees. The banking, insurance, and finance sector supports nearly 50,000 jobs and 21% of Liverpool's workforce. JP Morgan, Barclays, and the Bank of Ireland are just a few of the leading employers with large branches here. Bolstered by the recent UNESCO recognition of the Liverpool docks as a World Heritage site, tourism is another important employment provider, and recruitment agencies have seen a particular demand for new staff in this sector. The industry provides about one-fifth of local jobs.
Liverpool's unemployment rate was about 6.5% in 2012, demonstrating that the city still has significant room for economic improvement. But with an expanding creative sector - currently supporting 16,000 jobs - and the continued expansion of private sector employment, the future looks bright for Liverpool's workforce.