Manufacturing Technologies Association Chief Executive Officer James Selka
The Manufacturing Technologies Association’s latest report into ‘The True Impact of UK Manufacturing’ will launch today at MACH 2024 in Birmingham. The findings of the report show that manufacturing is having a greater impact on the UK economy than first predicted.
According to the MTA’s findings, the industry is worth £518million, supports 7.3million jobs, and represents almost a quarter (23%) of total GDP. Additionally, manufacturing reportedly accounts for 34.5% of all UK goods and services exports, with a median wage of £31,000 (11% greater than the national average).
In recent years there have been a host of external factors that could have severely impacted the manufacturing industry. From Brexit and Covid-19 to spiralling energy costs, supply issues, and international impacts, the fact that the UK manufacturing industry is doing so well is highly impressive.
“This is a fantastic insight into the true impact of manufacturing in the UK and reinforces what many of us already know – that industry is a far greater contributor to GDP and jobs than listed in national accounts,” said James Selka, Chief Executive Officer of MTA.
“Our report has been designed to take a ‘deeper dive’ and looks at the direct, indirect, and induced impacts of manufacturing, which is a far more comprehensive overview of what we make, the complex nature of our supply chains and the economic benefit gained from the spending of wages by those employed in our sector.”
The MTA goes further and points out the specific areas that they believe have helped improve the standing of the manufacturing industry in the UK.
“We are also part of the economy that invests heavily in new technologies, with nearly half (47%) of total R&D investment made by manufacturers. You only have to visit MACH this week to see this first-hand, with more than 500 companies showcasing the latest in automation and robotics, additive manufacturing, latest software, advanced CNC machining and measurement and inspection solutions.”
To further improve the UK’s positioning in the manufacturing industry, MTA suggests that companies need to continue to work to address skill shortages and further develop success programmes.