The Gross Domestic Product (GDP) in Hackney was worth an estimated £9.7 billion in 2019, according to figures published by the ONS. Hackney's GDP growth between 2018 and 2019 was 9.3% per year. Compare GDP by area.
The Professional, Scientific & Technical Service (e.g. legal, accounting) industry is the largest in Hackney based on the number of jobs, accounting for 17.5% of roles in the area.
2019 ONS figures suggest that there are 156,000 jobs in Hackney, which has a working-age (aged 16-65) population of 200,654. The 2019 job density in Hackney is 0.78, meaning there are 0.78 jobs per member of the Hackney working-age population.
Hackney had a mean average salary for full-time employees of £42,621 in 2021. Hackney's unemployment rate is 7.3% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Hackney is 200,654 or 71.4% of the total population.
In 2021, 92.7% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 9.4% are self-employed, and 90.6% are employees.
Hackney'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 Hackney working-age (aged 16-64) population who have a degree or higher is 60.6%, which is above the 42.8% degree qualification rate for England.
Over 71% of the Hackney working-age population have at least 2 A-levels (or equivalent), and 8% have no qualifications.
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Main page: Hackney Salary
The average salary in Hackney as of 2021 is £42,621. Between 2020 and 2021, average salaries grew by £1,503. Compare average salaries by area.
Hackney's salary growth rate is 3.66% per year based on changes in average salary between 2020 and 2021, which is 3.66% higher than the average salary growth rate in Hackney over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Hackney is Business, Media And Public Service Professionals, accounting for 16% 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 Hackney is Sales Occupations, with roles increasing 57% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business, Media And Public Service Professionals||24,100||15.6%||10.0%|
|Business & Public Service Assoc. Professionals||20,400||13.2%||29.9%|
|Science, Research, Engineering And Technology Profs||17,700||11.5%||46.3%|
|Corporate Managers And Directors||14,700||9.5%||13.1%|
|Teaching And Educational Professionals||12,700||8.2%||12.4%|
There was a 3% 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 Hackney is Professional, Scientific & Technical Service (e.g. legal, accounting). Other major industries include Information & Communication, Health, which represents over 10% of roles in Hackney.
Financial & Insurance companies make up 3% of the Hackney economy that's lower than the average for England as a whole (~3%).
12% of the total jobs in Hackney 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||24,000||17.5%|
|Information & Communication||17,000||12.4%|
The fastest-growing industry in Hackney is Retail, with jobs in the sector increasing 22% between 2019 and 2020 from 9,000 to 11,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Hackney between 2019 and 2020 was Motor trades, which saw an 58% decrease in roles, going from 600 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 Hackney, 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 45 large businesses in Hackney, making up 0.2% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 255 medium-sized businesses based in Hackney, making up 1.1% 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 1,655 small businesses based in Hackney, making up 7.1% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Hackney's unemployment rate is 7.3% that's 2% higher 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 34.2% of the unemployed population.
Secondary classifications include groups: looking after family, long-term sick, 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