Peterborough’s economy

Peterborough has a diverse and robust economy. From innovative SMEs to large global headquarters, our local companies are pushing the bounds of innovation and sustainability, and they’re growing.

With five high performing business sectors – advanced engineering & manufacturing, agri-tech, food & drink, digital & creative, energy & environment and financial services – Peterborough fared well during the national and global economic downturn with increased investor confidence underpinned by the city’s ambitions and new initiatives to support economic growth.

2014 saw a record 1,918 new companies started in Peterborough, compared with the 2013 year-end total of 1,503. Since then, new businesses have been flourishing across the city and in 2016, new business creation in Peterborough was higher than UK and regional averages.

The confidence in the local economy has been endorsed by a number of new arrivals such as, Turtle Bay, Middleton’s Steak House, Metro Bank, Handmade Burger Company and Cote recently opening their doors.

Population

Within our population of around 198,900 we have a slightly younger demographic profile in comparison to the UK and Eastern region, with 40% of the population aged 29 and under compared with 37% in the UK and 36% in the East. Peterborough also has a lower proportion of people aged 65+ in comparison to the regional and national averages.

Peterborough has a diverse and multicultural community with our population made up of around 14% non-white British compared to 13% in England and 7% in the region. Local residents benefit from an excellent house-price-to-earnings ratio. Property is attractive, affordable and plentiful and we also have one of the highest ratios of green space per person in the UK.

Peterborough in numbers

  • Population of 198,914 and a retail catchment of over 960,000¹
  • 62.6% of residents are of working age (c.124,500)¹
  • An employment rate of 77.1%¹
  • 6,840 VAT registered businesses¹
  • Gross Value Added: £5,439m¹
  • Productivity of £45,239 (GVA per worker)¹
  • Median gross weekly pay of £507¹
  • Peterborough is an affordable place to live and do business with a house price/earnings ratio of 7.39²
  • Average cost of Grade A office space is currently around £13.50 per sqft³
  • Cost of prime industrial space is £5-7 per sqft³

Updated January 2019

Sources:
¹ONS
²Land Registry
³Colliers.com

 

Peterborough economic intelligence report – January 2019

 

Previous reports

Peterborough economic intelligence report – December 2017

Peterborough economic intelligence report – October 2016

Peterborough economic intelligence report – October 2015

Peterborough economic intelligence report – April 2015

 

For further details on Peterborough’s economy, please contact Opportunity Peterborough.