The Gross Domestic Product (GDP) in Test Valley was worth an estimated £4 billion in 2019, according to figures published by the ONS. Test Valley's GDP growth between 2018 and 2019 was 3.1% per year. Compare GDP by area.
The Manufacturing industry is the largest in Test Valley based on the number of jobs, accounting for 10.1% of roles in the area.
2019 ONS figures suggest that there are 72,000 jobs in Test Valley, which has a working-age (aged 16-65) population of 75,350. The 2019 job density in Test Valley is 0.96, meaning there are 0.96 jobs per member of the Test Valley working-age population.
Test Valley had a mean average salary for full-time employees of £36,124 in 2021. Test Valley's unemployment rate is 3.4% as of 2019. Compare unemployment rate by area.
The 2019 labour force or working-age population in Test Valley is 75,350 or 59.3% of the total population.
In 2021, 96.6% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 16.9% are self-employed, and 83.1% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Test Valley working-age (aged 16-64) population who have a degree or higher is 47.4%, which is above the 42.8% degree qualification rate for England.
Over 75% of the Test Valley working-age population have at least 2 A-levels (or equivalent), and 0% have no qualifications.
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Main page: Test Valley Salary
The average salary in Test Valley as of 2021 is £36,124. Between 2020 and 2021, average salaries fell by £1,652. Compare average salaries by area.
Test Valley's salary growth rate is -4.37% per year based on changes in average salary between 2020 and 2021, which is 4.37% lower than the average salary growth rate in Test Valley over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Test Valley is Administrative Occupations, accounting for 14% 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 Test Valley is Business, Media And Public Service Professionals, with roles increasing 81% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Teaching And Educational Professionals||5,300||9.1%||29.3%|
|Corporate Managers And Directors||5,100||8.8%||2.0%|
|Business & Public Service Assoc. Professionals||5,000||8.6%||-27.5%|
|Elementary Administration & Service Occs||4,500||7.7%||-35.7%|
There was a 5% 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 Test Valley is Manufacturing. Other major industries include Professional, Scientific & Technical, which represents over 10% of roles in Test Valley.
Financial & Insurance companies make up 4% of the Test Valley economy that's higher than the average for England as a whole (~3%).
4% of the total jobs in Test Valley are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Professional, Scientific & Technical||6,000||10.1%|
The fastest-growing industry in Test Valley is Property, with jobs in the sector increasing 29% between 2019 and 2020 from 700 to 900. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Test Valley between 2019 and 2020 was Retail, which saw an 29% decrease in roles, going from 7,000 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 Test Valley, the number of roles in this sector has fallen by 0% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 20 large businesses in Test Valley, making up 0.3% 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 Test Valley, making up 1.6% 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 560 small businesses based in Test Valley, making up 8.8% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Test Valley's unemployment rate is 3.4% 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 37.2% of the unemployed population.
Secondary classifications include groups: long-term sick, retired, 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