The most up-to-date figures printed by ADS Community expose that the aerospace, defence, security and situation sectors added £38.2 billion in cost to the UK economic system in 2023, a say of fifty% in the closing 10 years. Primarily basically based totally on the commerce association, figures highlight a 40% say in turnover for companies in these sectors, reaching a mixed £88.4 billion in 2023.
With nearly half of industry turnover generated through exports, ADS figures highlight 32% say in exports to complete £38.7bn in 2023 (v2013).
READ: INSIGHTS INTO THE CHARTER MARKET
Offering jobs and prosperity all around the UK
Employment throughout aerospace, defence, security and situation is up a Third (29%) on 2013 figures, reading 427,500 in 2023. 23,000 of these jobs are apprenticeships, with two-thirds of jobs positioned exterior of London and the South East.
Commenting on the most up-to-date data, Kevin Craven, CEO of ADS Community, said: “ADS sectors are on the coronary heart of UK superior manufacturing and modern digital products and companies. Our correct cost extends past our economic footprint, underpinning UK society, households and our blueprint of existence.
“Our most up-to-date publication highlights a 50% amplify in the associated rate add they’ve contributed to the UK over the closing ten years. Offering 427,500 jobs all around the UK – an amplify of 1-third on 2013 figures – our industries raise on UK prosperity and innovation, providing a hub for superior manufacturing and using our decarbonization agenda.”
Underpinning the UK economic system
Aimie Stone, Chief Economist at ADS Community, said: “The most up-to-date figures contemplate the continuing buoyancy, resilience and economic resolve that our sectors continue to raise to the UK. Regardless of a world pandemic stalling manufacturing productivity, an ongoing serious abilities gap, and query outstripping capability, we’re indifferent seeing stable long-term say indicators as we continue through 2024.
“With common productivity of £89,300 per worker, over 400,000 jobs created and exports price nearly £39bn, the monumental cost of these sectors for the UK economic system is simply straightforward.”
Price add of aerospace sector grows 16% to reach £19.9 billion in 2023
Earlier than Farnborough Global Airshow, ADS has moreover printed its 2024 Aerospace Sector Outlook, showcasing a worth add of £10.9 billion to the UK economic system, an amplify of 16% compared to 2013 figures. The figures highlight 104,000 assert jobs in the aerospace sector, with a median salary of £48.7k – 39% greater than UK common, with the overwhelming majority (88 p.c) positioned exterior of London and the Southeast.
Stone commented: “Whatever the lasting long and momentary impacts of the Covid-19 pandemic, it continues to add nice cost to the UK economic system. Productivity per worker now totals at £104.8k with these employed paid a median of £48.7K – 39% greater than the UK common.”
The responsive nature of the field to external threats drives an amplify in the socioeconomic cost of defence
The UK’s defence sector has continued to dwell agile in gentle of an an increasing selection of keen geopolitical ambiance, as highlighted by the publication of the 2024 Defence Outlook from ADS.
The sector generates 164,000 jobs in the UK, with that number having grown 16% between 2013 and 2023. The fashioned salary in the field is £39.9k, 14% greater than the UK common.
Kevin Craven, CEO of ADS said: “The correct cost of our defence sector – providing safety, security and prosperity all around the UK – can no longer be quantified.”
