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New report shows that Cambridge's economic success is set to continue

New report shows that Cambridge's economic success is set to continue

An annual UK cities comparison report published today by think-tank, the Centre for Cities, shows that Cambridge continues to top the list of UK cities for skills and innovation.

Cambridge City Council has welcomed the report which highlights the city’s economic potential, skills and innovation.

This year’s report has a focus on the impact on jobs of automation and globalisation and the likely increase in job opportunities these will bring. It also points out that these could lead to job losses in UK cities, although Cambridge and Oxford are named as the two cities likely to lose the fewest jobs.

Key findings for Cambridge in the report include:

 Nearly 50% of jobs predicted to increase in Cambridge are in high skilled private sector occupations. The large numbers of high skilled private sector jobs in the city will also help it to attract more jobs in new industries and occupations which emerge in the future. Notable features of the city include:

Ranks number one for innovation as measured by patients per head of population

It has the highest proportion of people with the highest level qualifications

It has the lowest youth unemployment rate, and the second lowest unemployment rate overall

But it is ranked third worst for housing affordability

Cllr Lewis Herbert, Leader of Cambridge City Council, said: “This report offers further evidence that Cambridge is a high performing city. It is particularly good news that innovative Cambridge researchers and businesses are expected to create more skilled jobs in the area in coming years.

“Our status as a highly skilled, innovative city with flourishing businesses is great news for local people as well as the local, regional and national economy. The city’s strengths in the industries of the future will stand Cambridge in good stead.

The Centre for Cities’ new report, ‘Cities Outlook 2018’ is the latest of their series of annual reports that provide hard evidence of how cities are performing across a range of key facts. 

You can read the full report on the Centre For Cities website here: www.centreforcities.org/publication/cities-outlook-2018

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