Hertfordshire's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in Hertfordshire was worth an estimated £46 billion in 2019, according to figures published by the ONS. Hertfordshire's GDP growth between 2018 and 2019 was 3.8% per year. Compare GDP by area.
The Business administration & support industry is the largest in Hertfordshire based on the number of jobs, accounting for 15.2% of roles in the area.
2019 ONS figures suggest that there are 738,000 jobs in Hertfordshire, which has a working-age (aged 16-65) population of 743,114. The 2019 job density in Hertfordshire is 0.99, meaning there are 0.99 jobs per member of the Hertfordshire working-age population.
Hertfordshire had a mean average salary for full-time employees of £40,110 in 2021. Hertfordshire's unemployment rate is 4.1% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Hertfordshire is 743,114 or 62.2% of the total population.
In 2021, 95.9% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 13.7% are self-employed, and 86.3% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Hertfordshire working-age (aged 16-64) population who have a degree or higher is 47.2%, which is above the 42.8% degree qualification rate for England.
Over 62% of the Hertfordshire working-age population have at least 2 A-levels (or equivalent), and 5% have no qualifications.
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Main page: Hertfordshire Salary
The average salary in Hertfordshire as of 2021 is £40,110. Between 2020 and 2021, average salaries fell by £1,651. Compare average salaries by area.
Hertfordshire's salary growth rate is -3.95% per year based on changes in average salary between 2020 and 2021, which is 3.95% lower than the average salary growth rate in Hertfordshire over the past 9 years.
In Hertfordshire, the highest average wages are found in Three Rivers where the average salary is £42,704 and the lowest average wages are found in Dacorum where the average salary is £36,563. The difference in average salary between the two areas is £6,141 - the average person in Three Rivers earns 16.8% more than the average person in Dacorum.
Business data published by the ONS in 2020 show the most common job group in Hertfordshire is Business & Public Service Assoc. Professionals, accounting for 10% 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 Hertfordshire is Elementary Trades And Related Occupations, with roles increasing 200% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business & Public Service Assoc. Professionals||59,300||9.6%||21.3%|
|Corporate Managers And Directors||58,200||9.4%||-20.2%|
|Business, Media And Public Service Professionals||49,800||8.1%||12.2%|
|Science, Research, Engineering And Technology Profs||45,300||7.3%||11.6%|
There was a 1% 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 Hertfordshire is Business administration & support. Other major industries include Professional, Scientific & Technical, Health, which represents over 10% of roles in Hertfordshire.
Financial & Insurance companies make up 2% of the Hertfordshire economy that's lower than the average for England as a whole (~3%).
5% of the total jobs in Hertfordshire are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
|Business Administration & Support||98,000||15.2%|
|Professional, Scientific & Technical||79,000||12.2%|
The fastest-growing industry in Hertfordshire is Mining, Quarrying & Utilities, with jobs in the sector increasing 40% between 2019 and 2020 from 5,000 to 7,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Hertfordshire between 2019 and 2020 was Property, which saw an 25% decrease in roles, going from 12,000 to 9,000. 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 Hertfordshire, the number of roles in this sector has fallen by 3% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 260 large businesses in Hertfordshire, 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 845 medium-sized businesses based in Hertfordshire, making up 1.3% 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 4,460 small businesses based in Hertfordshire, 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.
Hertfordshire's unemployment rate is 4.1% 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 24.7% 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