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St Albans District has a reputation as being an affluent, prosperous and highly qualified area. At the close of 1999, its unemployment was 0.9%, the lowest in Hertfordshire, and this contrasts markedly with the London rate of 7.0% and the national figure of 5.9%. House prices are among the highest in the UK: average prices for a 3 bedroom semi are currently around £308,500 compared with £261,900 for Hertfordshire. The levels of attainment in education are, likewise, high compared to national averages: GCSE results for District schools show 63% of pupils achieving 5 A* - C grades, compared with a national average of around 46%. In the working population, 33% are employed in professional and managerial occupations.
The close proximity to London, and in particular the excellent rail and road communications have a significant effect on the District's economic activity. A large number of the local resident population travel out of the District to London to work (around 20%). However, it would be inaccurate to view St Albans as merely a commuter dormitory for London - and this is important in terms of future land use planning. The District has a distinct and thriving local business community, which provides over 46,000 jobs, approximately 46% of which are filled by inward commuters.
The key characteristics of the local economy have changed markedly in recent years. The recession of the early 1990s left its mark on the District. The closure of the large manufacturing operations, such as Marconi, Murphy and Brooke Bond has, over recent years, resulted in a significant shift away from manufacturing industry and employment concentrated in large operations. This shift is irreversible.
The local economy today is made up predominantly of offices, small enterprises, retailing and tourism-based enterprises. Self-employment in the County accounts for 15% of the workforce - high, compared with a UK average of 12%. Homeworking is set to become an increasingly important issue, as more people choose to run small businesses from their homes, or divide their working time between office and home. Around 80% of local businesses are micro-enterprises, employing under 10 staff. This entrepreneurial spirit is a key feature of the local economy.
The District also boasts a number of key financial services companies among its larger businesses, and two prestigious nationally and internationally important research establishments: Rothamstead Experimental Station at Harpenden, and the Building Research Establishment in Bricket Wood.
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