Job creation in Greater Cambridge has outpaced the national economy with an 8.5 per cent growth in employment during 2022-23, according to the Centre for Business Research at the University of Cambridge.
The robust performance is thanks to flourishing knowledge intensive (KI) sectors, including life sciences, IT and high-tech manufacturing - which saw 11 per cent employment growth in 2022-23 - which has now extended to other sectors. The life sciences and healthcare sector led the way with a 13 per cent growth, followed closely by the tech sector at 10 per cent. Other sectors such as retail and construction also contributed to the expansion.
Dan Thorp, CEO of Cambridge Ahead, said:"Since the pandemic, it has been the KI sectors keeping our economy in overall positive employment growth, whilst non-KI was impacted more deeply. Now we see evidence of an important shift, almost all sectors are seeing positive growth and there is stronger whole-economy momentum building.” He urged local authorities to consider the new employment growth data when assessing infrastructure needs for growth in the area.
Elisa Meschini, a Greater Cambridge Partnership executive board member and county councillor, said: “The continued growth of the Greater Cambridge job market is a reflection of how strong we are as a place – leading the resurgence of the UK economy….The big challenge is clear – how do we sustain this growth and ensure that people have the homes, necessary transport and education opportunities to seize the roles which are being created..."
