2014 saw a boom in the number of people in work, especially in London. With buoyant employment figures it creates a confident economy and business community. In London growth was particularly significant in the IT and the tech sectors where new clusters of start-ups and burgeoning companies suggested new industries and a generation of business leaders is emerging. With business confidence comes more business deals, more travel and more partnerships to be made across the globe, which inevitably benefits other industries and sectors like accommodation and leisure.
At Clarendon we reflect on three stories that illustrate on how well the jobs market is doing in London.
The regeneration of Old Street
Old Street is the district of the capital known as ‘Silicon Roundabout’ thanks to its popularity among tech businesses. This is a growing sector attracting new workers but its regeneration is also good news for the construction industry. Building new spaces and offices for tech companies will create hundreds of construction jobs. Back to the tech sector and in 2014 the amount of venture capital given to tech start-ups in the capital hit a record high. Just under £1bn was paid into emerging companies, twice as high a level as the year before. It will see potentially hundreds, if not thousands, of new jobs created and will further strengthen the reputation of London as a mecca for technology firms around the world, attracting the very best in talent and expertise.
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Unemployment is falling faster in London
The latest figures from the Office of National Statistics show that in the last quarter the number of people unemployed in London fell to 6.5%, a drop of 100,000. It is the biggest drop anywhere in the UK. The reasons for the positive news is more jobs in tech and construction. The number of people now working in London has reached 4.272 million.
Read about it here
London’s population is booming
One of the major reasons for the rise in London’s working population is because the city’s population is rising so fast. Within the next few weeks it is expected the number of people living in London could reach 8.615 million. Much of the rise is caused by the city’s economy which attracts workers from around the globe. The last peak in London’s population was reached on the eve of the Second World War.
Read more about it here
The growth of London’s economy and the strength of its myriad business communities is good for many industries, not simply tech and construction. An influx of business travellers affects accommodation and travel providers like Clarendon. As 2015 continues as a serviced apartment provider it will be vital for to continue to meet the needs of new customers as they come to live and work in London.