RST Engineering Limited’s Post

Long-term Confidence Remains Resolute in the UK Aerospace Sector The UK aerospace industry continues remain strong as demonstrated by the the latest figures from ADS, the trade association for the UK's aerospace, defence, security and space sectors. Although orders fell 71% in the first half of 2024 compared with the same period in 2023, aircraft orders still this year remain at their highest level since 2018. Due to supply-chain, regulatory and capacity challenges, the sector still represents £7-8bn of value provided to the UK economy. ADS reports that there is a 15,668 global aircraft order backlog that is worth £247bn for the UK economy, 8.3% higher than at the same point in 2023, reflecting general sector confidence. Productivity within the sector has risen 25% since 2013, with the sector's c4,000 jobs providing an average of £104,800 output per worker. 88% of those jobs are located outside of London and the South East and the median average salary of aerospace sector jobs is 39% higher than the UK average. The trade association commented: "Despite notable challenges, the UK aerospace sector is thriving only a few short years since the pandemic that grounded almost all areas of the civil aerospace sector." "2023 was a record-breaking year for aircraft orders and deliveries, and the first half of 2024 has only fallen slightly behind 2023 delivery rates. The data for the sector in the last decade shows long-term resilience within the industry, as well as increasing productivity levels in this dynamic, innovative sector." "Intelligent support from Government to tackle issues in the supply chain, cash flow and capacity constraints has the potential to turbo-charge more long-term growth in this sector, providing significant benefits to the economy for the future" Aimie Stone, Chief Economist at ADS Source: www.adsgroup.org.uk #engineering #ukengineering #aerospace #supplychain #manufacturing #ukmanufacturing #precision

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