The Gross Domestic Product (GDP) in Newark and Sherwood was worth an estimated £3 billion in 2019, according to figures published by the ONS. Newark and Sherwood's GDP growth between 2018 and 2019 was 3.8% per year. Compare GDP by area.
The Manufacturing industry is the largest in Newark and Sherwood based on the number of jobs, accounting for 11.4% of roles in the area.
2019 ONS figures suggest that there are 59,000 jobs in Newark and Sherwood, which has a working-age (aged 16-65) population of 73,528. The 2019 job density in Newark and Sherwood is 0.80, meaning there are 0.80 jobs per member of the Newark and Sherwood working-age population.
Newark and Sherwood had a mean average salary for full-time employees of £31,232 in 2021. Newark and Sherwood's unemployment rate is 6.2% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Newark and Sherwood is 73,528 or 59.7% of the total population.
In 2021, 93.8% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 13.9% are self-employed, and 86.1% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Newark and Sherwood working-age (aged 16-64) population who have a degree or higher is 29.4%, which is below the 42.8% degree qualification rate for England.
Over 51% of the Newark and Sherwood working-age population have at least 2 A-levels (or equivalent), and 7% have no qualifications.
Main page: Newark and Sherwood Salary
The average salary in Newark and Sherwood as of 2021 is £31,232. Between 2020 and 2021, average salaries grew by £420. Compare average salaries by area.
Newark and Sherwood's salary growth rate is 1.36% per year based on changes in average salary between 2020 and 2021, which is 1.36% higher than the average salary growth rate in Newark and Sherwood over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Newark and Sherwood is Corporate Managers And Directors, accounting for 15% 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 Newark and Sherwood is Science, Research, Engineering And Technology Profs, with roles increasing 155% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Corporate Managers And Directors||7,100||15.1%||31.5%|
|Caring Personal Service Occupations||4,400||9.4%||2.3%|
|Elementary Administration & Service Occs||4,100||8.7%||-34.9%|
|Business, Media And Public Service Professionals||3,800||8.1%||11.8%|
There was a 1% 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 Newark and Sherwood is Manufacturing. Other major industries include Transport & Storage, Accommodation & Food Services, Health, which represents over 10% of roles in Newark and Sherwood.
Financial & Insurance companies make up 1% of the Newark and Sherwood economy that's lower than the average for England as a whole (~3%).
3% of the total jobs in Newark and Sherwood are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Transport & Storage||6,000||11.4%|
|Accommodation & Food Services||6,000||11.4%|
The fastest-growing industry in Newark and Sherwood is Property, with jobs in the sector increasing 25% between 2019 and 2020 from 800 to 1,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Newark and Sherwood between 2019 and 2020 was Mining, quarrying & utilities, which saw an 30% decrease in roles, going from 1,000 to 700. 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 Newark and Sherwood, the number of roles in this sector has risen by 17% over the past year, above the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 10 large businesses in Newark and Sherwood, 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 65 medium-sized businesses based in Newark and Sherwood, 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 400 small businesses based in Newark and Sherwood, making up 8.3% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Newark and Sherwood's unemployment rate is 6.2% that's 1% 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 Long-term Sick, representing 36.9% of the unemployed population.
Secondary classifications include groups: student, 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