The Gross Domestic Product (GDP) in Colchester was worth an estimated £5.1 billion in 2019, according to figures published by the ONS. Colchester's GDP growth between 2018 and 2019 was 5.0% per year. Compare GDP by area.
The Health industry is the largest in Colchester based on the number of jobs, accounting for 17.6% of roles in the area.
2019 ONS figures suggest that there are 99,000 jobs in Colchester, which has a working-age (aged 16-65) population of 126,176. The 2019 job density in Colchester is 0.78, meaning there are 0.78 jobs per member of the Colchester working-age population.
Colchester had a mean average salary for full-time employees of £38,339 in 2021. Colchester's unemployment rate is 4.8% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Colchester is 126,176 or 64.0% of the total population.
In 2021, 95.2% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 10.8% are self-employed, and 89.2% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Colchester working-age (aged 16-64) population who have a degree or higher is 34.6%, which is below the 42.8% degree qualification rate for England.
Over 54% of the Colchester working-age population have at least 2 A-levels (or equivalent), and 4% have no qualifications.
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Main page: Colchester Salary
The average salary in Colchester as of 2021 is £38,339. Between 2020 and 2021, average salaries grew by £1,816. Compare average salaries by area.
Colchester's salary growth rate is 4.97% per year based on changes in average salary between 2020 and 2021, which is 4.97% higher than the average salary growth rate in Colchester over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Colchester is Administrative Occupations, accounting for 12% 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 Colchester is Business & Public Service Assoc. Professionals, with roles increasing 189% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business & Public Service Assoc. Professionals||10,700||11.5%||189.2%|
|Corporate Managers And Directors||9,100||9.8%||16.7%|
|Teaching And Educational Professionals||6,900||7.4%||56.8%|
|Leisure, Travel And Related Personal Service Occs||6,500||7.0%|
There was a 2% decrease 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 Colchester is Health. Other major industries include Retail, Education, which represents over 10% of roles in Colchester.
Financial & Insurance companies make up 3% of the Colchester economy that's lower than the average for England as a whole (~3%).
3% of the total jobs in Colchester are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Professional, Scientific & Technical||7,000||8.2%|
|Accommodation & Food Services||6,000||7.0%|
The fastest-growing industry in Colchester is Transport & Storage, with jobs in the sector increasing 33% between 2019 and 2020 from 2,250 to 3,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Colchester between 2019 and 2020 was Arts, entertainment & recreation, which saw an 22% decrease in roles, going from 4,500 to 3,500. 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 Colchester, the number of roles in this sector has fallen by 0% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 30 large businesses in Colchester, making up 0.4% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 120 medium-sized businesses based in Colchester, making up 1.6% 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 675 small businesses based in Colchester, making up 9.0% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Colchester's unemployment rate is 4.8% that's 0% 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 33.3% 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