Cambridge's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in Cambridge was worth an estimated £6.8 billion in 2019, according to figures published by the ONS. Cambridge's GDP growth between 2018 and 2019 was 5.8% per year. Compare GDP by area.
The Education industry is the largest in Cambridge based on the number of jobs, accounting for 28.7% of roles in the area.
2019 ONS figures suggest that there are 123,000 jobs in Cambridge, which has a working-age (aged 16-65) population of 86,344. The 2019 job density in Cambridge is 1.42, meaning there are 1.42 jobs per member of the Cambridge working-age population.
Cambridge had a mean average salary for full-time employees of £46,879 in 2021. Cambridge's unemployment rate is 3.4% as of 2020. Compare unemployment rate by area.
The 2019 labour force or working-age population in Cambridge is 86,344 or 69.0% of the total population.
In 2021, 96.6% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 8.7% are self-employed, and 91.3% are employees.
Cambridge's working-age population ranks among the most educated in England.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Cambridge working-age (aged 16-64) population who have a degree or higher is 61.1%, which is above the 42.8% degree qualification rate for England.
Over 75% of the Cambridge working-age population have at least 2 A-levels (or equivalent), and 4% have no qualifications.
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Main page: Cambridge Salary
The average salary in Cambridge as of 2021 is £46,879. Between 2020 and 2021, average salaries grew by £5,185. Compare average salaries by area.
Cambridge's salary growth rate is 12.44% per year based on changes in average salary between 2020 and 2021, which is 12.44% higher than the average salary growth rate in Cambridge over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Cambridge is Teaching And Educational Professionals, accounting for 20% of all roles in the area. In England as a whole, the largest job group is Business & Public Service Assoc. Professionals.
The fastest-growing type of job in Cambridge is Culture, Media And Sports Occupations, with roles increasing 154% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Teaching And Educational Professionals||12,700||19.6%||78.9%|
|Science, Research, Engineering And Technology Profs||11,300||17.5%||-7.4%|
|Business, Media And Public Service Professionals||7,500||11.6%||29.3%|
|Elementary Administration & Service Occs||5,500||8.5%||-38.9%|
|Corporate Managers And Directors||5,400||8.3%||10.2%|
There was a 13% increase in roles between 2019 and 2020. In England as a whole, there was a 2% decrease.
Based on the total number of jobs, the largest industry in Cambridge is Education. Other major industries include Professional, Scientific & Technical, Health, which represents over 10% of roles in Cambridge.
Financial & Insurance companies make up 1% of the Cambridge economy that's lower than the average for England as a whole (~3%).
7% of the total jobs in Cambridge are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
|Professional, Scientific & Technical||19,000||15.2%|
|Accommodation & Food Services||10,000||8.0%|
|Information & Communication||9,000||7.2%|
The fastest-growing industry in Cambridge is Education, with jobs in the sector increasing 44% between 2019 and 2020 from 25,000 to 36,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Cambridge between 2019 and 2020 was Property, which saw an 13% decrease in roles, going from 2,000 to 1,750. In England more broadly the industry with the biggest year on year decline was Arts, entertainment & recreation, with roles decreasing by 8%.
The Information and communication industry includes many of the top companies of the future. In Cambridge, the number of roles in this sector has risen by 13% over the past year, above the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 40 large businesses in Cambridge, making up 0.8% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 135 medium-sized businesses based in Cambridge, making up 2.7% of total businesses - in England, 1.5% of businesses are medium-sized. A medium-sized business is defined as having between 50 and 249 employees.
There are 550 small businesses based in Cambridge, making up 10.8% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Cambridge's unemployment rate is 3.4% that's 2% lower than the average unemployment rate for England as a whole. Unemployment rates are the number of unemployed people as a percentage of the working-age population.
The main group within the unemployment population is Student, representing 43.7% of the unemployed population.
Secondary classifications include groups: looking after family, long-term sick, retired, other, all of which represent over 10% of the unemployed population.
In England as a whole, students are the main group within the unemployed population, accounting for 28.9% of the unemployed population.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics