London will experience a 16% growth in the employment market over the next 20 years creating nearly a million new jobs. This growth in employment from 5.5 million jobs in 2014 to 6.4 million by 2036 will be driven by the professional sector, real estate and scientific and technical roles.
Demonstrating the shifting nature of work in the capital some sectors will see a decline. The reduction in manufacturing, as previously reported by Urbs, will fall further, by 54%. That’s around 72,000 posts. Finance jobs are also forecast to shrink by around 9,000.
The figures come from the GLA’s Employment Projection for 2015 which forecasts that jobs growth will be concentrated in inner London. Tower Hamlets stands out with an estimated 74% employment growth, adding 200,000 new jobs. That’s nearly a quarter of all the new posts in London for the period. Southwark will see strong growth and other job creation is focused in central boroughs.
But, as the map shows, while the overall forecast appears optimistic many boroughs are predicted to show very low levels of job growth. And two, Croydon and Barking and Dagenham are expected to see a decline in employment, in line with current trends.