Filling the demand for new engineering jobs will generate an additional £27 billion per year for the UK economy from 2022, the equivalent of building 1,800 schools or 110 hospitals, according to new research published in Engineering UK 2015 The State of Engineering.
EngineeringUK, which produced the report, said: "To meet projected employer demand the number of engineering apprentices and graduates entering the industry will need to double."
The report analyses the engineering industry's capacity and capability for growth and details engineering in education, training and employment. It shows that engineering accounts for a quarter (24.9%) of UK turnover - 9% higher than at the start of the recession. However, we need more engineers. Engineering companies will need 182,000 people per year with engineering skills in the decade to 2022 but there is a current annual shortfall of 55,000 skilled workers.
Paul Jackson, chief executive of EngineeringUK, said: "Engineering is a vital part of the UK economy, not just in terms of significant turnover, but also with regards employment. For every new engineering role an additional two jobs are created in the economy.
"The engineering community is increasingly involved in a collective drive to inspire the next generation, who will ensure the continued growth and success of the industry in the UK. This collaborative work must continue if we are to come even close to realising engineering's potential."
Stephen Tetlow MBE, chief executive of the Institution of Mechanical Engineers, said: "This report shows the UK is facing a cliff-edge. It provides sobering statistics on the drastic shortage of engineers the UK faces. Every politician and policy-maker must understand the messages it is sending.
"It shows that unless we double the number of places for graduates and apprentices in our universities, colleges and training centres, not only will our vital industries and infrastructure fail, we will surrender any chance of future growth. We are about to surrender GDP. It's as simple as that."
He added: "What this report makes clear is that we need a wholesale change in the way we value science and technology in schools and society. We can no longer rely on appealing just to the small proportion of people who are passionate about science technology engineering and maths subjects.
"We need science and engineering to be brought to life in the school curriculum and resources prioritised so that we can start to plug the appalling gaps we face. We need to understand the fundamental role engineers make to just about every walk of life and to our health and well-being. Resources need to be prioritised accordingly.
"And it's not just Government that needs to take action. Employers of engineers need to welcome teachers, students and parents through their doors to show just what an exciting career can be had as an engineer. We must grasp the opportunity before it is too late."
The Engineering UK 2015 The State of Engineering (#EngUK15) report is available here: http://bit.ly/1BY9Fbu