There are more than 128.000 thousand people employed directly by the aerospace industry. To support the needs of the industry a further 140,000 people are in secure, safe employment right now because of the industries success. With an annual turnover of £31billion, you can see why.
What is most surprising is despite people’s misconceptions, not only are we doing well in this sector but we are leading the way. Our small country has an 18% market share, to put this into perspective, the only country with a bigger share is the USA. This makes us the biggest aerospace industry in Europe.
To get to this level, we are not just providing products for our own companies. In fact 90% of what we produce is for export markets which equates to £26bn in business.
Bigger numbers than you expected?
It doesn’t appear that the aerospace industry has any plans to crash land in fact statistics show that growth is still climbing. Since 2010 the sector has grown by 39% which has meant more employment, more investment and more profit generated in the UK.
The even better news is that this growth is speeding up; in just 5 years we have seen 30% of this growth, demonstrating that despite the turbulence in British politics, the manufacturing industry is getting on with what it does best; providing quality, safe products people can trust and giving true value. Customers keep coming back for more!
It’s not stopping
No industry is completely immune to crashes , it’s a natural process for every business to have peaks and troughs. However it is worth noting that the UK Aerospace industry has nearly 10 years worth of work waiting for them with order books bursting, 13,000 customers are willing to wait for British enginuity. To translate this into something more meaningful, this is £195bn coming into the UK economy in the next decade. Something we should be proud of.