The Gross Domestic Product (GDP) in Milton Keynes was worth an estimated £16 billion in 2019, according to figures published by the ONS. Milton Keynes's GDP growth between 2018 and 2019 was 3.5% per year. Compare GDP by area.
The Education industry is the largest in Milton Keynes based on the number of jobs, accounting for 10.7% of roles in the area.
2019 ONS figures suggest that there are 204,000 jobs in Milton Keynes, which has a working-age (aged 16-65) population of 168,427. The 2019 job density in Milton Keynes is 1.21, meaning there are 1.21 jobs per member of the Milton Keynes working-age population.
Milton Keynes had a mean average salary for full-time employees of £38,210 in 2021. Milton Keynes's unemployment rate is 5.1% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Milton Keynes is 168,427 or 62.3% of the total population.
In 2021, 94.9% of the labour market was recorded as employed, above 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 Milton Keynes working-age (aged 16-64) population who have a degree or higher is 40.8%, which is below the 42.8% degree qualification rate for England.
Over 61% of the Milton Keynes working-age population have at least 2 A-levels (or equivalent), and 6% have no qualifications.
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Main page: Milton Keynes Salary
The average salary in Milton Keynes as of 2021 is £38,210. Between 2020 and 2021, average salaries grew by £85. Compare average salaries by area.
Milton Keynes's salary growth rate is 0.22% per year based on changes in average salary between 2020 and 2021, which is 0.22% higher than the average salary growth rate in Milton Keynes over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Milton Keynes is Science, Research, Engineering And Technology Profs, accounting for 13% 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 Milton Keynes is Health & Social Care Assoc. Professionals, with roles increasing 70% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Science, Research, Engineering And Technology Profs||17,800||12.9%||45.9%|
|Business & Public Service Assoc. Professionals||12,800||9.3%||23.1%|
|Business, Media And Public Service Professionals||11,100||8.0%||27.6%|
|Corporate Managers And Directors||9,800||7.1%||-16.9%|
There was a 3% 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 Milton Keynes is Education.
Financial & Insurance companies make up 6% of the Milton Keynes economy that's higher than the average for England as a whole (~3%).
7% of the total jobs in Milton Keynes are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
|Transport & Storage||16,000||9.0%|
|Business Administration & Support||16,000||9.0%|
The fastest-growing industry in Milton Keynes is Property, with jobs in the sector increasing 33% between 2019 and 2020 from 3,000 to 4,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Milton Keynes between 2019 and 2020 was Motor trades, which saw an 17% decrease in roles, going from 6,000 to 5,000. 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 Milton Keynes, the number of roles in this sector has risen by 9% over the past year, above the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 75 large businesses in Milton Keynes, making up 0.6% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 235 medium-sized businesses based in Milton Keynes, making up 1.8% 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 975 small businesses based in Milton Keynes, making up 7.6% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Milton Keynes's unemployment rate is 5.1% 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 Looking After Family, representing 25.5% of the unemployed population.
Secondary classifications include groups: student, 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