Why British Manufacturing Is Booming (And Why It’s Getting Even Better)
British manufacturing is booming. There’s a hundred reasons to be optimistic. Productivity Growing Currently the ninth largest manufacturer in the world, Britain’s annual output of £190bn has seen our output per hour improve within the sector three times faster than it has in the economy as a whole. Growth Witnessed by Most UK Manufacturers It might be as small as 1% but British manufacturers are growing. In a survey carried out by the BPMA of manufacturing businesses within the Briman Group membership, every single company said it had experienced growth with some revealing 40% growth. The average was 11%. Going Up Market is Helping Small British Manufacturers Compete Globally In the highly competitive clothes manufacturing market, British manufacturers are not trying to be the cheapest but be the best by using the finest quality materials, production standards and techniques. Exports Rise Ending last year on a high, British manufacturers played their part in the economy’s growth, enjoying rising export sales. Innovation is In-Built in the British Manufacturing Mentality – and it Makes Us a Global Leader R&D receives huge investment every year and it’s making the difference. Manufacturing, accounting for 68% of research and development, makes up 10% of our exports. Manufacturing Success Reflected in Higher-Than-Average Wages The average wage in the manufacturing sector is £31,000 compared to the national average of just under £28,000. The latest figures show 2.7 million people are employed within UK manufacturing. Britain’s Thriving Manufacturing Sector is Employing More People than Almost All Developed Countries Only the USA has created more jobs in manufacturing than the UK. British Manufacturing is Truly Global 45% of UK manufacturing output is exported abroad. This figure is expected to grow. “Made In The UK” is Highly Sought Around the World That is especially true of the UK’s most productive manufacturing sectors Pharmaceuticals, Food and Drink and Transport. Collaboration between UK Manufacturers and Academia has put Britain in the Box Seat Acknowledging the fact British universities lead the world, manufacturers have worked closely with academia to further enhance R&D. Adversity has made British Manufacturers Stronger It hasn’t been an easy few years for British manufacturing but adversity has made UK businesses stronger, better equipped for growth and more resilient. Key to this is adaptability, a willingness to invest in innovation, and understanding the market.
