CouncilIntroduction
Over the last decade, Tower Hamlets' local economy has undergone major structural changes.
Much of the UK's print media and a large part of the banking industry relocated to the area. The relocation of jobs and creation of new ones has been accompanied by a steady decline in traditional dock-related industries.
A far greater proportion of the workforce is now employed in the professional services, insurance, finance and communications industries.
The last 10 years have seen the population of Tower Hamlets grow considerably. In 1991 there were around 168,000 residents. By 2001 the population had increased by 17.9% to 196,016. This was the third largest increase in England and Wales and the second largest increase in Greater London.
The borough has a diversity of communities with over one third of the population Bangladeshi and 6% of African and Bangladeshi backgrounds.
Along with excellent transport links Tower Hamlets boasts a wealth of modern housing and office complexes, many situated close to dock and riverside waterfronts.
Amenities include more then 400 acres of parkland, varied sports facilities, traditional East End pubs and street markets, and some of the newest bars and restaurants in London.
Despite being one of the most economically deprived areas in the country, regeneration projects are improving social and economic conditions for those who live and work in Tower Hamlets.
However, unemployment rates are consistently above London and National rates and the percentage of claimants who are long term unemployed (over 6 months) is significantly higher than both inner London and England.
Development around Canary Wharf continues to grow and mature. Around 93,000 people work in and around Canary Wharf, and this number is expected to rise to 100,000 by 2010 and to 120,000 by 2012. One third of all construction in London is taking place in Tower Hamlets.
