Summary: The UK aerospace sector is growing ten times faster than the rest of the economy after enjoying a 9% boost last year, according to a new trade report.
The report, released by aerospace trade organisation ADS Group, shows that revenues grew to ┬г28bn in 2013.
It reveals that the UK aerospace sector is directly employing 109,100 individuals, 3300 of which are apprentices and trainees, and supporting many thousands of in adjacent sectors.
Since 2011, the sector has grown by 14%, spurred on by the Aerospace Growth Partnership, a joint Government and industry initiative that has made significant progress in boosting innovation, skills and enhancing technology development in the supply chain.
Exports to Europe and the US account for more than 70% of all exports for UK aerospace companies, or almost ┬г8bn. Exports to China remain at around ┬г200m, but growth was 23% in 2013.
The data also shows year-to-date deliveries are up 5% compared to the same period last year and deliveries of aircraft in May were worth around ┬г1.5bn in value to the UK economy.
Paul Everitt, Chief Executive of ADS, said: тАЬThe Aerospace Growth Partnership has worked hard to put the right support in place to help UK industry make the most of significant increases in demand for new aircraft. It is clear that the positive impact of this work is being felt, with almost three quarters of companies planning to increase investment in the next year, and one in four looking at reshoring activity back to the UK, attracted to do so in part by the success of the Aerospace Technology Institute in delivering investment in innovation and skills.тАЭ
Business Secretary Vince Cable said: тАЬOur aerospace sector is a global success story and these figures clearly show that the industry is driving the current economic recovery. Our industrial strategy is ensuring that Britain is well-placed to capitalise on the huge growth anticipated in the aerospace sector, securing highly-skilled jobs for the UK and a strong economy for the future.тАЭ
