An Overview of the Job Market for Cambridge

1103 WordsJan 28, 20184 Pages
Job market overview Cambridge For those looking for employment in Cambridge in the near future, following is a brief analysis of the job market overview. • The overall employment rate for individuals aged 16 – 64 is average at 78% and stable. • Job density is high but falling. • The level of self-employment is 10% which is low but stable. • New business registrations per 10,000 adults is low (41%) and decreasing. • A high percentage (6.4%) of 16 – 19 year olds are not involved in education, employment or training. • 82% of the Cambridge population aged 19-59/64 is qualified to at least level 2 or higher and is stable. • The number of people aged 16-64 on out of work benefits is low at 6.3% and decreasing. • The ratio of median home price to median earnings is low at 9.2% and becoming less affordable Cambridge Labor market 1. Cambridge’s population is approximately 119,900 of which 73% are of working age. Student numbers contribute to the large working age population but reduce the economic activity. 2. Proportionally, there are more managers in the workplace population than the resident population indicating that a high number of commuters to Cambridge fill managerial positions. 3. Cambridge is one of two “Travel to Work Areas” (TTWA) in the region meaning that there are more jobs than resident workers. 4. Residents who work in professional occupations commute out of the area to work these jobs as indicated by the higher proportion of individuals

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