Life sciences and hi-tech lead jobs growth in Cambridge

The data, recorded in the annual Cambridge Ahead monitor, also captures turnover for which hi-tech manufacturing was the standout with growth of more than 18.7 per cent. In transport and travel the annual employment growth rate was 4.6 per cent – a marked difference for a sector that has struggled significantly since the pandemic and which by comparison last year saw a decline of 3.9 per cent.

The Cambridge Ahead monitor shows that job creation is positive across all sectors in the region. Based on analysis from the Centre for Business Research at the University of Cambridge, it adds further weight to calls for infrastructure improvements to ensure scale-up is managed to be sustainable and spread to be more inclusive.

The research shows sustained high expansion of employment across knowledge intensive sectors including life sciences and healthcare, information and communication technology and hi-tech manufacturing. This is a familiar picture, but a more recent positive change is the strong post-Covid recovery and upsurge across other, non-knowledge intensive sectors – for example, transport, education, hospitality and retail.

The data is also collected across the wider Cambridgeshire and Peterborough region, where overall employment growth is also strong with a 4.4 per cent uptick over the latest year of data. Districts across this region also saw positive and encouraging expansion, for example, hi-tech manufacturing in Huntingdonshire grew employment by 5.7 per cent in the latest year and increased by 4.6 per cent in Peterborough. In Fenland, employment in the transport and travel sector grew 9.7 per cent and in East Cambridgeshire the distribution and retail sector expanded by 3.8 per cent.

Dan Thorp, Chief Executive of Cambridge Ahead commented: “This is gold-standard data showing what is really happening in the Cambridge economy, and across the wider Cambridgeshire and Peterborough area. “It shows that the national attention on Cambridge is more than warranted, and our opportunity now is to showcase how national and local leaders can come together to unlock a city region’s full potential.”

Law firm Mills & Reeve co-sponsored publication of the most recent Cluster insights report produced by CBR. Partner and head of Cambridge office Nick Finlayson-Brown said: “The detailed, insightful and thought-provoking analysis produced in the report is crucial to understanding and promoting the ongoing economic and social evolution of Cambridge, the wider region’s markets and the sectors that make them famous.

“The report provides invaluable empirical evidence to showcase the ongoing strength of the economy but also, and crucially, its future potential to the business community working in and attracted to investing in the city, its clusters and wider region as well as to local and central government.”

And Kirsty Gill, Chief People Officer of Arm, said: “As the location of our global headquarters and a major talent hub for Arm, it is encouraging to see this latest research into the sustained growth in Cambridge and the surrounding area.

“Maintaining and improving the quality of life for our people and the broader Cambridge community remains a major focus for us and data such as this annual report from Cambridge Ahead is critical to monitoring and understanding the challenges and opportunities that face this dynamic, growing city.”