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Workforce Summary

The South East has the highest employment rate of any UK region. Sub-regionally, despite some local variation, the Thames Valley displays a healthy labour market, with low levels of unemployment and high levels of economic activity.

The healthy labour market has led to an increase in the number of FTE workers in the sub-region over the last twenty years.The region`s number of FTE workers is expected to grow by a further 0.8 per cent per annum to 2026 at which point around 700,000 FTE workers will be employed in the sub-region. Thames Valley is again outperforming the region which is expected to have seen 1.0 per cent growth in the number of FTE workers per annum since 1986 and is likely to grow annually by only 0.6 per cent to 2026.

Labour Market:

• The high level of employment in knowledge economy sectors which at 29 per cent of total employment in the sub-region is significantly higher than the national average of 17 per cent and regional average of 21 per cent
• Healthy labour market - with high levels of employment (80.3 per cent relative to 74.3 per cent across the UK) and high levels of economic activity (83.1 per cent relative to 78.1 per cent across the UK)
• well qualified resident population - a third of the working age population have a degree level qualification compared to around a quarter of the British working age population
•  The significant proportion of Thames Valley residents (80 per cent) living and working in the sub-region
• Earnings in the sub-region which in 2005 were, on average, £28,562, almost 10 per cent higher than the average earnings of a South East resident and almost 20 per cent higher than the average earnings of UK residents;

Education and Qualification

Thames Valley has a very well-qualified resident population. A pool of skilled workers is a key requirement for a competitive knowledge-based economy. In 2005, the proportion of residents qualified to degree level (NVQ 4 and above) in six of Thames Valley`s eight authorities is higher than the average for Great Britain.

Windsor and Maidenhead records the strongest performance, where 38.5 per cent hold degree level qualifications (12.3 per cent above average). The proportion of the working population qualified to degree level or above in Reading and Wokingham is also over 10 per cent higher then the average for Great Britain. 

Labour Costs

In 2005, residents of the Thames Valley earned, on average, £28,562. This figure is almost 10 per cent higher than the average earnings of residents in the South East and over 20 per cent higher than the average earnings of United Kingdom residents generally.