Aircraft Manufacturing Leads the Way in Narrowing UK’s Productivity Gap
- UK aerospace industry on track to deliver record-breaking year of aircraft production
- Clear indication of the link between investing in R&D and boosting productivity
- Orders for new aircraft up also up for October; great news for companies across the UK
The UK’s aerospace industry is making a leading contribution to increasing the nation’s productivity levels with today’s monthly aircraft data showing that aircraft deliveries are again up compared with October 2015 levels. The two per cent rise on last year equates to 1,136 aircraft rolling off the production line so far in 2016, worth up to £23bn to the UK economy.
October also saw the highest number of orders for new aircraft since 2013, a clear indication of the strength of global demand which presents major opportunity for UK companies capable of pushing up productivity and driving down the backlog which now stands at 13,325 – worth £200bn to UK industry.
Paul Everitt, CEO of ADS Group says: “The UK’s aerospace industry sustains thousands of high-skill, high-value jobs, paying above the national average. As aerospace continues to demonstrate, prioritising investment in R&D drives up productivity growth, a link reinforced by the government last week with the announcement of an additional £4.7bn for funding innovation and new technology.
“Extra investment in new technology and innovation is one of the best ways to prepare our economy for the challenges that lie ahead. In aerospace, every £1 invested in R&D generates £7 for the wider economy. Continuing to invest in aerospace R&D enables UK companies to grow and compete successfully in tough global markets.”
The next monthly aircraft data will be published on Monday 26 December 2016.