The UK is a great place for manufacturing, and is the 9th largest manufacturer in the world. So what facts and figures do you need to know about this booming UK sector?
According to the Financial Times, demand for UK manufactured goods has reached a 2 year high, so it’s no wonder that manufacturing continues to pay well. The average manufacturing wage is high and has increased more over the years than pay in other industries. The average earnings for manufacturing staff is over £31,000, which is over £3,000 higher than the economy average. It’s not only in wages that the industry shows its investment in people, as manufacturing provides many apprenticeship opportunities, with 19% of manufacturing companies offering formal apprenticeships.
Not only is the UK now the 9th largest manufacturer in the world, but almost a quarter of factory output is bound for overseas. With some of our biggest UK manufacturing hubs placed in the South East and North West, it’s good news to hear that not only does the industry employ 2.7 million UK residents, UK manufacturing also has a global impact.
There’s a large variety of sectors in the manufacturing industry and some take a huge portion of the market. Chemicals and pharmaceuticals manufacturing make up 35% of UK manufacturing, with transport a close second at 32%. From huge manufacturing corporates to smaller companies supplying specialist equipment, such as gates timing belts (http://industrialbeltdrives.com/product-category/timing-belts/), all sectors of manufacturing are doing well.
10% of GVA in the UK comes straight from the manufacturing industry. Chemicals and pharmaceuticals rank highly again, along with transport, and these two sectors take up a large 28% of that figure between them. Food and drink also contributes almost a fifth towards the total GVA. Metals, electronics and machinery make up around a quarter of that figure.
It’s safe to say Britain’s manufacturing industry is booming. With more and more jobs being created each year and employee wages increasing at the same time, UK manufacturing is on track to continue growing. UK manufacturers export to the US, China, Germany and many others, and provide 10% of the country’s GVA. It’s an industry to watch and it’s set for change, with the industry gearing up for the 4th Industrial Revolution.