Coined as a ‘hotbed of innovation’ new research conducted by Metro Dynamics, commissioned by the Royal Academy of Engineering has revealed that the engineering industry is a driving force when it comes to the UK’s economy.
The research was revealed in order to celebrate the achievements of engineers and inspire the next generation.
The Key Findings:
Engineering is in all parts of our lives, from making a slice of toast to listening to music on a device. Subsequently in the report, it was discovered that the engineering profession generates up to £645 billion for the UK’s economy annually.
The engineering industry plays a vital role in the overall economy, as it helps to drive technological innovation and development, which in turn can lead to economic growth and the creation of new jobs.
Revealing the UK as an ‘engineering powerhouse,’ the research conducted found that more than 8.1 million people (26% of all UK workers) are part of the nation’s engineering economy.
The industry has been a source of employment since its inception and continues to thrive, highlighted by the report. It was discovered that the UK has 729,000 engineering companies. This is equivalent to more than 13% of all UK businesses.
Furthermore, it was calculated that on average, the annual economic output generated from a job in the engineering sector is estimated to be 23% higher than the average job in the UK. Demonstrating the continuous strength of the engineering industry.
In addition to this, it was recognised that hotspots of engineering emerged not only in major cities but all over the UK in local populations, such as West Cumbria, Wrexham and Aberdeen and Aberdeenshire.
These hotspots were defined as areas where a high proportion of the population were employed in the engineering economy. Therefore, the research confirms that engineering is a driving economic value across the UK.
The Local Angle
Engineering is driving the local economies nationwide as areas are benefiting economically from the engineering industry. Locally, the Yorkshire and the Humber engineering sector generates more than £44bn for the region annually, which is 6.8% of the nation’s total per year.
Further, it was discovered that the region employed just over half a million people (502,145), which accounts for 6.2% of the nation’s engineers. From these statistics, it confirms that the engineers in the Yorkshire and the Humber region contribute higher than average revenue per engineer to the UK’s economy.
In this region, there are almost 49,000 engineering companies, 6.7% of the national total with a further 166,000 of the region’s engineers employed in other industries.
One other local hotspot for engineering employment is East Lancashire. In this region between 30% and 32.0% of the working population are employed in engineering or engineering-related roles.
Keighley Laboratories Contributions
Although playing a small role in the growth of the industry, we at Keighley Laboratories are pleased to help contribute to its development
In the past few months, Managing Director Debbie Mellor was invited to join the West Yorkshire Manufacturing Advisory Board, pushing forward the research and findings of the Manufacturing Task Force, and with the data gathered from the recent report, this reinforces the importance of the industry.
“This study is a reminder of the vital role that the Engineering sector plays in driving the economy of not just the UK, but specifically here in Yorkshire and the Humber. I am proud to be part of an industry that is making such a significant contribution to our region’s growth and prosperity.
“At Keighley Laboratories, the team is dedicated to delivering high-quality engineering solutions and services that support the growth of the industry, and the company is committed to supporting the next generation of engineers by inspiring and encouraging them to join the profession.
“As a representative of Keighley Laboratories on the panel of the West Yorkshire Manufacturing Task Force, and with the support of others on the panel we are working towards creating a strong and sustainable manufacturing sector in West Yorkshire, which will not only benefit our businesses but also the entire community by driving economic development and creating jobs.”
