UK aerospace sector grows 10 times faster than economy

A the Aerospace Industry Outlook report published by ADS Group said the UK aerospace sector was growing 10 times faster than the UK economy, directly employing 109,100 individuals, 3,300 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. Paul Everitt, chief executive of ADS Group, said: "The 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." Business Secretary Vince Cable added: "Our 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." The Outlook report is published to coincide with ADS' monthly commercial aircraft order and delivery data, which reflects the positive picture: In May 2014, the aircraft order backlog reached a new monthly record of 11,392, worth around £150bn to the UK. The monthly data also shows year-to-date deliveries are up five per cent compared to the same period last year and deliveries of aircraft in May were worth around £1.5bn in value to the UK economy.