10 facts on the state of British manufacturing
26th November 2014
- Manufacturing currently employs 2.6 million and accounts for 11% of GDP
- Manufacturing drives half of all UK exports - the value of goods exports to non-EU countries doubled between 2003 and 2013
- Manufacturing productivity, as measured by output per hour, surpassed its pre-recession peak at the end of last year.
- The manufacturing sector's expenditure on R&D is equivalent to 8.8% of output, for the rest of the economy it's 0.3%.
- EEF has revised its manufacturing growth forecast for 2014 up from 2.7% to 3.6%
- The majority of manufacturing companies in the UK are SMEs and SMEs employ almost 60% of manufacturing workers
- Average earnings in manufacturing are higher than those in the services sector and the economy as a whole.
- Every FTSE 100 manufacturer now has at least one woman on their board - women now account for 21% of total directorships - up from 19% last year
- The manufacturing sector will need almost one million workers by 2020 to replace those retiring or leaving the industry.
- 66% of manufacturers plan to recruit engineering graduates in the next three years while over a quarter (27%) intend to take on those with business and administration degrees.
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