Economy recovering from job cuts

Torbay's economy is recovering from massive job losses

Torbay's economy has finally started to recover from its recession, according to a report published on Tuesday.

Former Treasury economist Owen Nankivell highlights how badly south Devon was affected by the closure of the Nortel factories in 2002.

The massive job losses suffered then put the area's economy back, in manufacturing terms, by 10 years.

But in 2003, figures from the Office of National Statistics showed there had been a marked improvement.

The report, entitled "Repairing the Damage", states that improvements were mainly due to a steady increase in the housing and building sectors.

Hospital expansion plans and vocational education projects like Sure Start are also helping the local economy.