A Masterplan is being developed for the future of the Docks and there will be a public consultation event here in the near future. The Docks houses many businesses including Pendennis Shipyard and A & P Falmouth and is a major employer in the town. There are 1572 people employed across all businesses in the Docks and the average annual salary is £32,000. Docks industries have brought in supplies to the value of £28m and £13m of these are from Cornish suppliers. In fact, over 1,000 full time equivalent jobs depend on the Docks buying these supplies.
The dredging project is crucial and without it the Masterplan would be very different. However, the total cost of the dredging project is £22.5m and there is a shortfall in funding to meet these costs. On a positive note, there will be a new marina by 2012 with 295 smaller berths and additional berths for super yachts. New wharves and the extension of existing wharves will provide a major increase in capacity. There is a long-term commitment to supporting the Wave Hub project off the coast at Hayle as well as plans for a cruise terminal to better serve visiting cruise ships.
The next 10-15 years will see some major developments which will make Falmouth one of the key gateways to the County. We live in exciting times.