Jobs growth remains positive in Greater Cambridge

The latest data shows the job growth was driven by knowledge intensive (KI) sectors: knowledge intensive services (up 11.8 per cent), information technology and telecoms (up 6.7 per cent) as well as hi-tech manufacturing (up 5.9 per cent).

Areas such as life sciences and healthcare, which didn’t perform as fast as reported in the comparable timeframe in 2022-23, still grew at 5.6 per cent – significantly above the national average.

Cllr Elisa Meschini, chair of the Greater Cambridge Partnership, said: “These latest figures confirm what we all know – the Greater Cambridge economy is resilient and is seeing job growth despite difficult economic conditions.

“However, as has been said we have said many times before, we cannot be complacent. New jobs are still being created – at numbers which are the envy of other regions – but given the fluctuations in the figures, we should use them to understand what is happening to our local economy.

“This study and research of the economic statistics is vital if we, as leaders of Greater Cambridge in both the public and private sector, are to make sure that our area remains a draw to people and businesses.

“We have to understand why some sectors are performing and whether we can intervene in terms of infrastructure to support others which aren’t doing so well – albeit from a position of strength.”

Dan Thorp, chief executive at Cambridge Ahead, added: “The latest Greater Cambridge Employment Update highlights the region's continued strong economic resilience, with nearly 7 per cent growth in the knowledge economy over the past year.

“Significant sub sectors of life sciences and healthcare and technology are leading job creation and heavily supporting regional prosperity. While the UK recession has impacted some industries, the data shows a clear distinction in highly positive performance, emphasising the need for accurate local economic insights.

“Greater Cambridge is extremely well-positioned for continued growth and innovation, driven by its thriving knowledge economy and deeply entrepreneurial spirit.”

The research is produced by the Centre for Business Research (CBR) at the University of Cambridge and sponsored by a collaboration between the Greater Cambridge Partnership and Cambridge Ahead.

The current dataset, showing all Cambridge-based companies, can be viewed via the Cambridge Cluster Insights tab at www.cambridgeahead.co.uk. The data is also available via https://www.greatercambridge.org.uk/about-us/research-and-evidence.