The Gross Domestic Product (GDP) in Tower Hamlets was worth an estimated £36 billion in 2019, according to figures published by the ONS. Tower Hamlets's GDP growth between 2018 and 2019 was 2.4% per year. Compare GDP by area.
The Financial & insurance industry is the largest in Tower Hamlets based on the number of jobs, accounting for 22.8% of roles in the area.
2019 ONS figures suggest that there are 342,000 jobs in Tower Hamlets, which has a working-age (aged 16-65) population of 243,208. The 2019 job density in Tower Hamlets is 1.41, meaning there are 1.41 jobs per member of the Tower Hamlets working-age population.
Tower Hamlets had a mean average salary for full-time employees of £64,918 in 2021. Tower Hamlets's unemployment rate is 7.0% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Tower Hamlets is 243,208 or 73.3% of the total population.
In 2021, 93.0% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 9.2% are self-employed, and 90.8% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Tower Hamlets working-age (aged 16-64) population who have a degree or higher is 59.0%, which is above the 42.8% degree qualification rate for England.
Over 69% of the Tower Hamlets working-age population have at least 2 A-levels (or equivalent), and 10% have no qualifications.
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Main page: Tower Hamlets Salary
The average salary in Tower Hamlets as of 2021 is £64,918. Between 2020 and 2021, average salaries fell by £4,799. Compare average salaries by area.
Tower Hamlets's salary growth rate is -6.88% per year based on changes in average salary between 2020 and 2021, which is 6.88% lower than the average salary growth rate in Tower Hamlets over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Tower Hamlets is Business & Public Service Assoc. Professionals, 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 Tower Hamlets is Health Professionals, with roles increasing 363% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business & Public Service Assoc. Professionals||24,200||14.0%||8.5%|
|Business, Media And Public Service Professionals||22,300||12.9%||-21.8%|
|Corporate Managers And Directors||19,700||11.4%||-1.5%|
|Science, Research, Engineering And Technology Profs||18,600||10.7%||51.2%|
|Elementary Administration & Service Occs||11,200||6.5%||77.8%|
There was a 4% 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 Tower Hamlets is Financial & insurance. Other major industries include Professional, Scientific & Technical, Business Administration & Support, Health, which represents over 10% of roles in Tower Hamlets.
Financial & Insurance companies make up 23% of the Tower Hamlets economy that's higher than the average for England as a whole (~3%).
9% of the total jobs in Tower Hamlets are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
|Financial & Insurance||67,000||22.8%|
|Professional, Scientific & Technical||47,000||16.0%|
|Business Administration & Support||31,000||10.5%|
|Information & Communication||26,000||8.8%|
The fastest-growing industry in Tower Hamlets is Agriculture, Forestry & Fishing, with jobs in the sector increasing 33% between 2019 and 2020 from 15 to 20. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Tower Hamlets between 2019 and 2020 was Motor trades, which saw an 43% decrease in roles, going from 700 to 400. 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 Tower Hamlets, the number of roles in this sector has fallen by 10% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 105 large businesses in Tower Hamlets, 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 320 medium-sized businesses based in Tower Hamlets, making up 1.9% 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 1,430 small businesses based in Tower Hamlets, making up 8.5% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Tower Hamlets's unemployment rate is 7.0% that's 2% 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 Looking After Family, representing 45.8% of the unemployed population.
Secondary classifications include groups: student, 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 2021. Data sources: ONS Local statistics