Originally based on fishing and engineering, the economy of Lowestoft has declined over the years. Although the tourism sector has grown, the major employers in the town are the wholesale and retail sector, with 18 per cent of employment. Service industries, including health, social care and education are significant employers, while manufacturing employs about 10 per cent of the workforce. Employment can vary seasonally due to the importance of tourism to the economy. In early 2011, around 10 per cent of the working population of the town claimed
Jobseekers Allowance.
Traditional industries , now a museum ship Until the mid-1960s, fishing was seen as Lowestoft's main industry, and although 100 boats remained by the 1980s, there are now only a few small boats operating out of Lowestoft, with no large trawlers. By 2011 just three traders remained at the town's fish market, which is under threat of closure due to redevelopment of the
port. The
Centre for Environment, Fisheries and Aquaculture Science (CEFAS), a large fisheries research centre that is a part of
Defra, is still located in Lowestoft. Some shipbuilding and repair still goes on at the harbour.
Modern economy Major local employers include
Birds Eye frozen foods, with 700 workers. This has been located in the town for over 60 years. The food-processing company Wessex Foods closed its Lowestoft plant in 2010 after a fire destroyed the factory and it failed to find alternative premises. Several other employers have shed labour in recent years. The
Sanyo plant in the town closed down in 2009 with a loss of 60 jobs, having once employed 800. The timber company
Jeld-Wen closed its factory in the town in 2010. For many years the
Shell Southern Operations base on the north shore of
Lowestoft Harbour was town's largest employer. Oil and gas is still a major industry. The town has made efforts to develop as a centre for
renewable energy in the east of England. The non-profit Orbis Energy centre has been set up to draw business in the green-energy sector and features
solar thermal heating. In April 2009,
Associated British Ports announced that the harbour is to become the operations centre for the 500 MW
Greater Gabbard wind farm, which when completed will be the world's largest
offshore windfarm. The turbines will be located off the Suffolk coast and the Outer Harbour will be used to house the necessary operational support facilities. Other developments in the renewable energy sector include a prototype
tidal energy generator being produced by local company 4NRG and
wave power systems developed by Trident Energy. Hoseasons (now part of
Awaze), a specialist in self-catering UK holidays, is also a large employment provider.
Retailing The town centre is the main shopping area in Waveney district. The retail chain
Marks & Spencer has a store. Chadds independent department store was founded in 1907, and after nearly 100 years trading in the High Street, was taken over in 2004 by the
Great Yarmouth-based Palmers group. Specialist shopping areas, branded as The Historic High Street and the Triangle Market Place, have been developed on the northern edge of the centre. Several retail parks have appeared, the largest being North Quay Retail Park in Peto Way.
Tourism Lowestoft is a traditional
seaside resort, first developed as a bathing site in the 1760s. The beach south of the Claremont Pier is a
Blue Flag beach. Lifeguard facilities are provided during the summer and water sports take place along the coast. while the second is the
Africa Alive! wildlife park, situated in the south at
Kessingland. The town maintains a holiday park at
Pakefield, operated by
Pontins, From 2004, it was run by Lowestoft Seafront Air Festival Ltd, a non-profit company, but suffered financial difficulties. In 2010, the event made a loss of £40,000 and raised concerns over its sustainability, whereupon further financial difficulties coupled with bad weather and low visitor numbers made the 2012 airshow the last before it was discontinued. Near the town centre is
Lowestoft Maritime Museum, open from late April to late October, which has exhibits of maritime artefacts, an extensive collection of ship models and medals, marine art, fishing and the fishing industry, activities with the Royal Navy in WWII, and shipwrights' and coopers' tools.
Redevelopment (left) at night Lowestoft is among the more socially deprived areas in Suffolk, with
Kirkley the county's most deprived ward, ranking 173rd most deprived in England out of 32,486. Regeneration company 1st East, which focused on the Lowestoft and Great Yarmouth areas, closed in 2011.
Great Yarmouth and Lowestoft Enterprise Zone was announced in 2011 and launched in April 2012. The zone, developed by New Anglia Local Enterprise Partnership, has six redevelopment sites across Lowestoft and
Great Yarmouth. The bid for the zone in 2011 envisaged creating 13,500 jobs by 2036. It involved the Norfolk and Suffolk Energy Alliance and focused on developing the energy sector initially using tax incentives, simplified planning regulations and the provision of improved broadband internet services. The harbour is a focus of redevelopment proposals for Lowestoft through the Lake Lothing and Outer Harbour
Area Action Plan, submitted in February 2011. The plan focuses on the redevelopment of
brownfield sites in and around the harbour area to create jobs, particularly in the renewable energy and retailing sectors. ==Culture and community==