Hertsmere's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in Hertsmere was worth an estimated £4.8 billion in 2019, according to figures published by the ONS. Hertsmere's GDP growth between 2018 and 2019 was 0.0% per year. Compare GDP by area.
The Construction industry is the largest in Hertsmere based on the number of jobs, accounting for 10.2% of roles in the area.
2019 ONS figures suggest that there are 65,000 jobs in Hertsmere, which has a working-age (aged 16-65) population of 63,569. The 2019 job density in Hertsmere is 1.02, meaning there are 1.02 jobs per member of the Hertsmere working-age population.
Hertsmere had a mean average salary for full-time employees of £42,529 in 2021. Hertsmere's unemployment rate is 9.3% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Hertsmere is 63,569 or 60.3% of the total population.
In 2021, 90.7% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 12.8% are self-employed, and 87.2% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Hertsmere working-age (aged 16-64) population who have a degree or higher is 38.8%, which is below the 42.8% degree qualification rate for England.
Over 54% of the Hertsmere working-age population have at least 2 A-levels (or equivalent), and 6% have no qualifications.
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Main page: Hertsmere Salary
The average salary in Hertsmere as of 2021 is £42,529. Between 2020 and 2021, average salaries fell by £2,639. Compare average salaries by area.
Hertsmere's salary growth rate is -5.84% per year based on changes in average salary between 2020 and 2021, which is 5.84% lower than the average salary growth rate in Hertsmere over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Hertsmere is Corporate Managers And Directors, 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 Hertsmere is Corporate Managers And Directors, with roles increasing 27% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Corporate Managers And Directors||8,000||19.8%||27.0%|
|Business & Public Service Assoc. Professionals||4,900||12.1%||14.0%|
|Science, Research, Engineering And Technology Profs||4,300||10.6%||26.5%|
|Caring Personal Service Occupations||4,200||10.4%||-19.2%|
|Elementary Administration & Service Occs||3,800||9.4%||-29.6%|
There was a 6% 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 Hertsmere is Construction. Other major industries include Professional, Scientific & Technical, Health, which represents over 10% of roles in Hertsmere.
Financial & Insurance companies make up 4% of the Hertsmere economy that's higher than the average for England as a whole (~3%).
7% of the total jobs in Hertsmere 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||6,000||10.2%|
|Accommodation & Food Services||4,500||7.6%|
The fastest-growing industry in Hertsmere is Health, with jobs in the sector increasing 33% between 2019 and 2020 from 4,500 to 6,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Hertsmere between 2019 and 2020 was Property, which saw an 29% decrease in roles, going from 1,750 to 1,250. 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 Hertsmere, the number of roles in this sector has risen by 14% over the past year, above the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 30 large businesses in Hertsmere, 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 100 medium-sized businesses based in Hertsmere, 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 520 small businesses based in Hertsmere, making up 6.8% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Hertsmere's unemployment rate is 9.3% that's 4% 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 51.5% of the unemployed population.
Secondary classifications include groups: looking after family, 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