Industrial decline and resilience in the European Mediterranean periphery. Territorial and sectoral analysis in the region of Valencia (Spain) during the decade of 2010

Abstract

The decline of the weight of industry in the economy of the region of Valencia during the last two decades has been severe, falling from 25% of the gross value added in 1995 to less than 17% in 2013. This decline is explained by the structural changes that Valencian industry has faced over the last two decades in adapting to new globalised patterns of production and consumption. This process was aggravated by the financial crisis of 2007. Based on a sectorial and territorial approach, we have carried out an analysis of the recent evolution of Valencian industry. It is observed how the predominant model of Valencian industry is still the endogenous industrial district, although multinational companies are increasingly present, especially in cities. After decades of decline, from 2012 onwards the Valencian manufacturing sector has shown a strong resilience that enables optimism about a positive industrial future for this region.