Aerospace, defense security and space sector added £38.2 billion ($30.178 billion) to the UK economy last year, according to a newly released report by ADS Group - the UK trade association for aerospace, defense, security and space organizations with more than 1,300 members.
Employment in the sector is up almost a third in the last 10 years, with two thirds of jobs based outside of London, 2024 Facts and Figures report by the ADS whose fully owned subsidiary Farnborough International responsible for upcoming Farnborough International Airshow, showed.
Meanwhile, exports increased 32% between 2013 and 2023 to total £38.7 billion ($30.573 billion).
Productivity is 42% higher than the UK average and has increased by 16% since 2013. The concurrent launch of Aerospace and Defence sector outlooks showcases significant socioeconomic prosperity in these sectors, as highlighted in the report.
Commenting on the latest data, Kevin Craven, CEO of ADS Group said: “ADS sectors are at the heart of UK advanced manufacturing and innovative digital services. Our true value extends beyond our economic footprint, underpinning UK society, families and our way of life.”
“Our latest publication highlights a 50% increase in the value add they have contributed to the UK over the last ten years. Providing 427,500 jobs throughout the UK – an increase of one third on 2013 figures – our industries deliver on UK prosperity and innovation, providing a hub for advanced manufacturing, and driving our decarbonization agenda,” Craven said.
Aimie Stone, Chief Economist at ADS Group also commented that the latest figures reflect the continued buoyancy, resilience and economic resolve that our sectors continue to deliver to the UK.
“Despite a global pandemic stalling manufacturing productivity, an ongoing critical skills gap, and demand outstripping capacity, we are still seeing strong long-term growth indicators as we continue through 2024,” Stone said, adding: “With average productivity of £89,300 per worker, over 400,000 jobs created and exports worth almost £39 billion, the immense value of these sectors for the UK economy is simply undeniable.”
Value add of aerospace sector grows 16% to reach $15.721B in 2023
Ahead of Farnborough International Airshow, ADS has also published its 2024 Aerospace Sector Outlook, showcasing a value add of £10.9 billion ($8.611 billion) to the UK economy, an increase of 16% compared to 2013 figures.
The figures highlight 104,000 direct jobs in the aerospace sector, with a median salary of £48,700 ($38,453) – 39% higher than UK average, with the vast majority (88%) located outside of London and the Southeast.
Stone further commented that “despite the lasting long and short-term impacts of the Covid-19 pandemic, it continues to add huge value to the UK economy.”
