British manufacturing continued its climb up the global rankings as the UK continues to enjoy an industrial renaissance, according to figures published today.
Launching the 2016 manufacturing fact card, the data by EEF, the manufacturers’ organisation, and Santander, shows that Britain is now the ninth largest industrial nation with an annual output worth $247bn (£190bn)
This accounts for some 10 per cent of gross value added for the UK economy, whilst manufacturing accounts for 14 per cent of business investment and 68 per cent of business research and development (R&D).
Yorkshire accounted for some £16.2bn worth of output, 16 per cent of the regional economy overall. Manufacturing employs just over 285,000 highly skilled people across the region, 10.5 per cent of total employment.
Andy Tuscher, region director for EEF in Yorkshire, said: “Given the importance of manufacturing to the Yorkshire & Humberside economy it’s vital that we educate all stakeholders about its real value and contribution to growth across the region. This is especially important in a post-Brexit world where we have to look at possibly all new avenues of generating growth and investment.”
According to the Organisation for Economic Co-operation and Development (OECD), UK manufacturers have outperformed any country except the US for job creation since 2010, whilst since 2013 average earnings have risen by three per cent, twice the rate of the economy overall.
Manufacturing also offers high value, well-paid jobs, with average earnings of £31,489 per annum compared to £27,607 for the whole economy.
The largest individual manufacturing sector is food and drink (17 per cent) whilst the chemicals and pharmaceuticals and transport sectors both account for 14 per cent of output each. Chemicals and pharmaceuticals is also the largest sector driving innovation, spending over a third of the total annual manufacturing R&D.