Area type
Non-metropolitan District
Population
96,623
GDP
£5.8 billion
Average salary
£39,460
Labour force
62,163
Job Density
1.16
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Watford's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in Watford was worth an estimated £5.8 billion in 2019, according to figures published by the ONS. Watford's GDP growth between 2018 and 2019 was 1.6% per year. Compare GDP by area.
The Professional, Scientific & Technical Service (e.g. legal, accounting) industry is the largest in Watford based on the number of jobs, accounting for 18.7% of roles in the area.
2019 ONS figures suggest that there are 72,000 jobs in Watford, which has a working-age (aged 16-65) population of 62,163. The 2019 job density in Watford is 1.16, meaning there are 1.16 jobs per member of the Watford working-age population.
Watford had a mean average salary for full-time employees of £39,460 in 2021. Watford's unemployment rate is 5.2% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Watford is 62,163 or 64.3% of the total population.
In 2021, 94.8% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 13.8% are self-employed, and 86.2% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Watford working-age (aged 16-64) population who have a degree or higher is 49.2%, which is above the 42.8% degree qualification rate for England.
Over 66% of the Watford working-age population have at least 2 A-levels (or equivalent), and 5% have no qualifications.
Qualifications classifications
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Main page: Watford Salary
The average salary in Watford as of 2021 is £39,460. Between 2020 and 2021, average salaries fell by £6,223. Compare average salaries by area.
Watford's salary growth rate is -13.62% per year based on changes in average salary between 2020 and 2021, which is 13.62% lower than the average salary growth rate in Watford over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Watford is Administrative Occupations, 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 Watford is Administrative Occupations, with roles increasing 183% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
Occupation | Number | Percentage | CHANGE |
|---|---|---|---|
| Administrative Occupations | 5,100 | 12.7% | 183.3% |
| Health Professionals | 4,400 | 10.9% | |
| Transport & Mobile Machine Drivers/operatives | 4,000 | 10.0% | 53.8% |
| Corporate Managers And Directors | 3,800 | 9.5% | -33.3% |
| Business & Public Service Assoc. Professionals | 3,000 | 7.5% | -23.1% |
There was a 7% 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 Watford is Professional, Scientific & Technical Service (e.g. legal, accounting). Other major industries include Retail, Business Administration & Support, Health, which represents over 10% of roles in Watford.
Financial & Insurance companies make up 2% of the Watford economy that's lower than the average for England as a whole (~3%).
9% of the total jobs in Watford are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
Industry | Number | Percentage |
|---|---|---|
| Professional, Scientific & Technical | 13,000 | 18.7% |
| Health | 9,000 | 13.0% |
| Retail | 8,000 | 11.5% |
| Business Administration & Support | 8,000 | 11.5% |
| Information & Communication | 6,000 | 8.7% |
The fastest-growing industry in Watford is Mining, Quarrying & Utilities, with jobs in the sector increasing 75% between 2019 and 2020 from 100 to 175. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Watford between 2019 and 2020 was Financial & insurance, which saw an 29% decrease in roles, going from 1,750 to 1,250. 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 Watford, the number of roles in this sector has risen by 20% over the past year, above the 1% annual increase seen in England.
Watford Demographics
Watford Crime
Rental Market of Watford
2021 UK Business Count data published by the ONS show there are 35 large businesses in Watford, making up 0.7% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 80 medium-sized businesses based in Watford, making up 1.5% 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 385 small businesses based in Watford, making up 7.4% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Watford's unemployment rate is 5.2% that's 0% 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 30.7% of the unemployed population.
Secondary classifications include groups: student, looking after family, 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