The UK’s Aerospace industry has delivered another year of growth. It remains a global success story, with increasing numbers of high skill, high value jobs and rising exports.
The figures in this ADS Outlook Report show an increase in turnover to £31.1bn, representing great news for the Aerospace industry’s contribution to national prosperity, and reflecting the growth in global demand which is driving investment in new capabilities, productivity and skills.
The work of the Aerospace Growth Partnership (AGP) has further enhanced the strong relationship between industry and government in creating an attractive environment for domestic and international investment. The development of the Aerospace Technology Institute and its £3.9billion of joint funding through to 2025/26 is helping to keep the UK at the forefront of aerospace technology and innovation. AGP initiatives such as the Sharing in Growth Programme (SiG) and the National Aerospace Technology Exploitation Programme (NATEP) are boosting the competitiveness of SMEs and the wider UK supply chain.
Productivity within Aerospace continues to outpace national levels and the industry is employing more apprentices and trainees, 60 per cent of aerospace companies offer apprenticeships today compared with just 15 per cent in 2009.
As global commercial delivery rates look set to increase by around eight per cent over the next five years, UK businesses are in a strong position to seize their share of international opportunities. Revenue through exports grew last year to £27bn, predominantly driven by the US and Middle East.
The 2016 UK Aerospace Outlook report demonstrates the strength of the sector and its ability to deliver growth and prosperity in all parts of our nation.
There continue to be major challenges as pressure increases from international competitors and customers demanding continuous and sustained improvements. The work of the AGP and the strong partnership with Government is essential. It provides industry with the confidence to invest in long term innovation which delivers valuable productivity gains, enabling companies to meet growing demand.