The Gross Domestic Product (GDP) in Southampton was worth an estimated £8 billion in 2020, according to figures published by the ONS. Southampton's GDP growth between 2019 and 2020 was -7.8% per year. Compare GDP by area.
The Health industry is the largest in Southampton based on the number of jobs, accounting for 21.9% of roles in the area.
2020 ONS figures suggest that there are 129,000 jobs in Southampton, which has a working-age (aged 16-65) population of 170,918. The 2020 job density in Southampton is 0.75, meaning there are 0.75 jobs per member of the Southampton working-age population.
Southampton had a mean average salary for full-time employees of £40,846 in 2022. Southampton's unemployment rate is 3.5% as of 2022. Compare unemployment rate by area.
The 2020 labour force or working-age population in Southampton is 170,918 or 69.1% of the total population.
In 2022, 96.5% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 10.3% are self-employed, and 89.7% are employees.
The Annual Population Survey for 2021 published by the ONS reports the percentage of the Southampton working-age (aged 16-64) population who have a degree or higher is 43.5%, which is above the 42.8% degree qualification rate for England.
Over 64% of the Southampton working-age population have at least 2 A-levels (or equivalent), and 5% have no qualifications.
Main page: Southampton Salary
The average salary in Southampton as of 2022 is £40,846. Between 2021 and 2022, average salaries grew by £2,274. Compare average salaries by area.
Southampton's salary growth rate is 5.90% per year based on changes in average salary between 2021 and 2022, which is 5.90% higher than the average salary growth rate in Southampton over the past 8 years.
Business data published by the ONS in 2021 show the most common job group in Southampton is Administrative Occupations, 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 Southampton is Skilled Metal, Electrical And Electronic Trades, with roles increasing 258% between July 2021 and July 2022. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Elementary Administration & Service Occs||12,900||9.3%||5.7%|
|Science, Research, Engineering And Technology Profs||10,800||7.8%||-17.6%|
|Business, Media And Public Service Professionals||10,700||7.8%||57.4%|
|Teaching And Educational Professionals||8,000||5.8%||0.0%|
There was a 3% increase in roles between 2020 and 2021. In England as a whole, there was a 3% decrease.
Based on the total number of jobs, the largest industry in Southampton is Health. Other major industries include Retail, Education, which represents over 10% of roles in Southampton.
Financial & Insurance companies make up 3% of the Southampton economy that's higher than the average for England as a whole (~3%).
3% of the total jobs in Southampton are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Business Administration & Support Services||10,000||8.8%|
|Transport & Storage||9,000||7.9%|
The fastest-growing industry in Southampton is Mining, Quarrying & Utilities, with jobs in the sector increasing 43% between 2020 and 2021 from 700 to 1,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Southampton between 2020 and 2021 was Arts, entertainment, recreation & other services, which saw an 20% decrease in roles, going from 5,000 to 4,000. 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 Southampton, the number of roles in this sector has fallen by 0% over the past year, below the 1% annual increase seen in England.
2022 UK Business Count data published by the ONS show there are 35 large businesses in Southampton, 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 90 medium-sized businesses based in Southampton, 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 630 small businesses based in Southampton, making up 8.0% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Southampton's unemployment rate is 3.5% that's 2% 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 35.4% 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 2022. Data sources: ONS Local statistics