At the beginning of each year, our data scientists begin busily working to update our dataset and incorporate the refresh into our online data tool, Analyst. Given that this involves updating and cross-checking numerous public data sources, which together contain upwards of 20 million data points, this is — as you can imagine — no mean feat. But the good news is that the 2018 update has now been completed and the data has now been successfully integrated into Analyst.
So what does the new data tell us? Obviously, with millions of data points, we can only scratch the surface here, but below are some headline figures to whet your appetite, beginning with some general figures for Britain as a whole:
As you can see, the number of jobs in Britain exceeded 30.5 million, which is up from 30.1 million in 2016. This growth is projected to grow over the next few years, with another 800,000+ jobs expected to be added between 2017 and 2022.
Delving down below the national level, we can look at the jobs picture at the regional level. No surprise that highest number of jobs is in London (5.21 million), or that the Capital has by far the highest average wage — £42,338 compared to the national average of £28,320. What may come as a little more surprising is that although London is expected to continue growing at the fastest rate for all 11 regions from 2017-2022 (4%), Wales is projected to be second in terms of percentage growth with an extra 43,546 jobs, equating to more than 3%:
Next we can take a look at the headline figures for projected industry growth. The chart below is very interesting indeed. According to our projections, only two industries (at the Standard Industry Classification (SIC) Level 1) are set to decline over the next few years — Public administration and defence; compulsory social security (-29,081 jobs); and Mining and quarrying (around 100 job losses). All other SIC-1 industries are expected to grow, with Professional, scientific and technical activities set to see the biggest growth with nearly 150,000 new jobs. Significantly, our projections also show a rise for Manufacturing, with an increase of nearly 13,000 jobs.
Finally, we can take a look at the headline figures for occupations. Again, our new dataset is projecting significant growth, this time across all occupations (at the Standard Occupation Classification (SOC) Level 1), including over 173,000 new jobs in Professional Occupations. Interestingly, the lowest growth sector is Process, plant and machine operatives, which is one of the occupation classifications that is reckoned to be most susceptible to automation. The question therefore arises as to whether the lower growth in these jobs might be at least partly explained by this phenomenon.
We’ll be putting out some more nuggets from our data update in the near future, but hopefully this brief snapshot will give you some food for thought.