The Gross Domestic Product (GDP) in Fareham was worth an estimated £3.5 billion in 2019, according to figures published by the ONS. Fareham's GDP growth between 2018 and 2019 was 2.6% per year. Compare GDP by area.
The Education industry is the largest in Fareham based on the number of jobs, accounting for 10.3% of roles in the area.
2019 ONS figures suggest that there are 57,000 jobs in Fareham, which has a working-age (aged 16-65) population of 69,145. The 2019 job density in Fareham is 0.82, meaning there are 0.82 jobs per member of the Fareham working-age population.
Fareham had a mean average salary for full-time employees of £35,235 in 2021. Fareham's unemployment rate is 3.9% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Fareham is 69,145 or 59.4% of the total population.
In 2021, 96.1% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 11.4% are self-employed, and 88.6% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Fareham working-age (aged 16-64) population who have a degree or higher is 46.1%, which is above the 42.8% degree qualification rate for England.
Over 68% of the Fareham working-age population have at least 2 A-levels (or equivalent), and 3% have no qualifications.
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Main page: Fareham Salary
The average salary in Fareham as of 2021 is £35,235. Between 2020 and 2021, average salaries grew by £208. Compare average salaries by area.
Fareham's salary growth rate is 0.59% per year based on changes in average salary between 2020 and 2021, which is 0.59% higher than the average salary growth rate in Fareham over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Fareham is Business & Public Service Assoc. Professionals, 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 Fareham is Teaching And Educational Professionals, with roles increasing 90% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business & Public Service Assoc. Professionals||5,900||12.3%||-24.4%|
|Teaching And Educational Professionals||5,500||11.5%||89.7%|
|Business, Media And Public Service Professionals||5,300||11.1%||55.9%|
|Corporate Managers And Directors||4,100||8.6%||-40.6%|
|Elementary Administration & Service Occs||3,700||7.7%||-32.7%|
There was a 4% 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 Fareham is Education. Other major industries include Health, which represents over 10% of roles in Fareham.
Financial & Insurance companies make up 2% of the Fareham economy that's lower than the average for England as a whole (~3%).
4% of the total jobs in Fareham 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||4,000||8.2%|
The fastest-growing industry in Fareham is Property, with jobs in the sector increasing 29% between 2019 and 2020 from 700 to 900. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Fareham between 2019 and 2020 was Mining, quarrying & utilities, which saw an 29% decrease in roles, going from 350 to 250. 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 Fareham, 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 15 large businesses in Fareham, making up 0.3% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 70 medium-sized businesses based in Fareham, making up 1.5% 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 450 small businesses based in Fareham, making up 9.9% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Fareham's unemployment rate is 3.9% that's 1% 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 36.0% of the unemployed population.
Secondary classifications include groups: 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