The local authority area has the third fastest job growth rate in the UK, having grown by 11,500 new jobs to 104,000 in 2016, an annual growth of 12.4%.
This is double the growth rate of the City of London (6%) and five times faster than the UK average growth (1.9%).
Commercial confidence is powering the area’s £5.4 billion economy. The number of businesses in the area has grown by 24% and puts Central Bedfordshire on the map as a leading centre for economic growth.
The key sectors of high performance technology R&D, transport/logistics, agrifood and the visitor economy have all witnessed double-digit growth.
Millbrook Proving Ground and Cranfield University are fuelling the success of the high performance technology sector. Companies such as Lockheed Martin and global supplier of heat exchange, air conditioning, exhaust, interior, and electronic automotive components Calsonic Kansei, which relocated to Millbrook last year, have also brought new jobs to the area and contributed to the biggest growth among the key sectors, with a 29% increase.
New Prologis sites in Dunstable and Marston Gate have created more than 3,000 jobs in the transport and logistics centre, with leading names such as Amazon, DFS and Dwell moving in.
The latest development of the Stratton Business Park in Biggleswade, the new A5-M1 link and junction 11a of the M1, and the council’s £4 million town centre regeneration programmes have all provided opportunities for local businesses to thrive and grow and attracted new commercial investment into the area.
Cllr Nigel Young pictured, executive member for regeneration and business at Central Bedfordshire Council, said: “This achievement is testament to Central Bedfordshire Council’s proactive approach to development and enabling business growth.
“Investment in the area is supporting new start-ups and enabling world-class businesses to provide new employment opportunities for our residents. This latest data shows that Central Bedfordshire really is a great place to live and work.”
- The ONS’s Business Register and Employment Survey is the official source of employee and employment estimates by detailed geography and industry. It is also used to update structural information on the Inter-Departmental Business Register, the main sampling frame for business surveys used to produce UK official statistics.