The sector remains at the epicentre of the European tech scene but the new report also reveals some important new data that underlines how significant the sector is to generating economic growth nationwide:
- The UK’s digital tech industry turned over an estimated £170 billion in 2015, and is growing at twice the rate of the rest of the economy and is key to boosting the UK’s wider economy with a contribution of £97 billion in 2015
- The digital tech industry generated a further 85,000 jobs over the past year from 1.56 million in 2014 to 1.64 million in 2015, creating jobs at double the rate of the rest of the economy.
- Similarly, since 2012 there has been a 13% increase in the advertised salaries of digital tech posts, compared with only a 4% rise in those of non-digital jobs.
- Tech investment in the UK reached £6.8bn in 2016, more than two times higher than any other European country and significantly more than its closest rival, France, which secured £2.4bn.
- Tech Nation 2017 shows that the average advertised salary for digital-tech jobs has now reached £50,663 a year, compared with £35,155 for the average non-digital salary, making it 44% higher than than the national average.
Cambridge features in a number of areas, notably
Digital tech turnover: Cambridge punches above its weight at fifth in the list (£2.1billion), behind London (£56bn), Reading (£12.5bn), Bristol & Bath (£8.1bn) and Manchester (£2.9bn).
Digital tech skills: Cambridge emerges as a European heavyweight, with analysis of Github data showing that apart from London, Cambridge has far more Github users than any other UK cluster.
In fact, with nearly 4,000 users, the city is ranked eighth in Tech Nation's Europe-wide rankings, meaning it is home to an impressive concentration of digital expertise.
Digital tech investment in UK clusters: The shape of digital tech investment in the UK is changing. Last year, two-thirds (over £4.6 billion) of such investment was recorded outside the capital.
Six clusters alone attracted nearly £700 million investment between them in 2016: Edinburgh (£159 million) Cambridge (£153 million), Bristol & Bath (£109 million), Oxford (£106 million), Manchester (£78 million), and Sheffield (£61 million).
What Cambridge startups say is good
- tech sector growth potential 95%
- overall quality of life 92%
- strength of digital economy 86%
What Cambridge startups say is a challenge
- lack of supply of skilled workers 54%
- limited supply of appropriate property on competitive terms 46%
- poor transport infrastructure 35%
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Tech Nation Cambridge stats
With more than 2,700 survey respondents from digital businesses across the country also contributing insights, the latest iteration of Tech Nation showcases the continued growth and evolution of the UK at the forefront of global innovation.
With over 1000 data points, 220 community partners, 61 tech startup case studies and 30 UK tech clusters, this iteration of Tech Nation marks the most comprehensive study to date on the UK’s tech ecosystem.
Read about Tech Nation 2017 and download the report here
Read the Cambridge cluster section here