Britain's aerospace sector has added £11bn to the economy over the last decade, new data reveals. Figures released ahead of Farnborough International Airshow next month show the value of the sector has increased 16% compared to 2013.
The 2024 Aerospace Sector Outlook report by ADS - the º£½ÇÊÓƵ trade association for aerospace, defence, security and space - highlight 104,000 direct jobs in the industry, including 6,000 apprenticeship roles. The majority of positions (88%) are based outside of London and the South East, with the median average salary in the sector now £48,700 - 39% higher than the º£½ÇÊÓƵ average.
Turnover in the º£½ÇÊÓƵ aerospace sector was estimated to be £30.5bn in 2023, with 36% generated by military activity and 64% by civil aerospace.
The figures were part of a wider report released by ADS Group which reveals the aerospace, defence, security and space sectors added £38.2bn in value to the º£½ÇÊÓƵ economy in 2023, growth of 50% in the last 10 years.
According to the trade association, figures highlight 40% growth in turnover for businesses in these sectors, reaching a combined £88.4bn last year.
Aimie Stone, chief economist at ADS Group, said: "The latest figures reflect the continued buoyancy, resilience and economic resolve that our sectors continue to deliver to the º£½ÇÊÓƵ. 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."
Employment across aerospace, defence, security and space is up a third (29%) on 2013 figures, with 427,500 employed in the industry in 2023. Of these roles, 23,000 are apprenticeships.
Kevin Craven, chief executive of ADS Group, added: "ADS sectors are at the heart of º£½ÇÊÓƵ advanced manufacturing and innovative digital services. Our true value extends beyond our economic footprint, underpinning º£½ÇÊÓƵ society, families and our way of life."
He added: "Our industries deliver on º£½ÇÊÓƵ prosperity and innovation, providing a hub for advanced manufacturing, and driving our decarbonization agenda."
