The economy of the city of Oxford
Oxford is an important city with influence beyond its scale both nationally and globally. In 2005 Oxford was estimated to contribute £4.1 billion p.a. to national economic output. About half of Oxford’s workforce live outside the city. In 2001, around 40,000 people travelled into the city for work, and 15,000 Oxford people commuted out of the city. There are believed to be around 120,000 jobs in Oxford, more jobs than the working age population of 109,000. The ‘town’ and ‘gown’ elements of Oxford are well known and the two universities account for one fifth of the jobs in Oxford, second only to the public sector such as health, social care, education and local government, which account for a third. This combines to roughly half of total employment, twice that of the UK average. The primary private sector businesses include hotels and restaurants, publishing and IT, retail and manufacturing. The dominance of the universities and public sector mean that more people are employed in large organisations than the national average. Of the 20 largest employers in Oxfordshire, 12 are based in Oxford.