Sector could create 190,000 jobs across the region by 2035
Manufacturing could be growing the region’s economy by up to £45 billion and 190,000 jobs by 2035, according to research carried out by the Great South West.
It’s been working closely with the research and development agency, High Value Manufacturing Catapult, along with more than 60 organisations, to develop a coherent picture of the sector – and its growth potential.
Experts point to a number of key sectors which are important to building a resilient economy, including: energy, defence, marine, aerospace, electronics plus the food and drink sector.
They say the region’s strengths in these sectors will be crucial to the UK’s future growth and security.
‘High value manufacturing is one of the backbones of our region, showcasing our innovation, investment, and competitive edge in the global market,’ says Karl Tucker, Chair of the Great South West Partnership.
‘This report will be vital to understanding the scale of high value manufacturing in the Great South West, as well as the future growth of the sector.’
The Great South West Partnership Board approved investment, at its November meeting, into the next stage of research and collaboration with business, universities and stakeholders.
The report will deliver an evidence-based review of the scale of high value manufacturing across the region.
It’ll look at the sector’s economic impact, levels of exports, scale of investment in research and development, along with an examination of which sectors are forecast to see the most growth.
The goal is to provide a platform to discuss how businesses can attract investment – and grow the world-leading industries located in the region.
‘High value manufacturing has the potential to drive sustainable growth across the Great South West,’ explains Katherine Bennett CBE, High Value Manufacturing Catapult CEO.
‘The insights provided in this report will be key to understanding how to accelerate the commercialisation of concepts to reality, strengthening the UK’s manufacturing base and unlocking opportunities for new, high-value jobs and prosperous communities.’
‘HVM Catapult looks forward to working with partners across the area to make this happen.’
The Great South West has appointed Hardisty Jones to carry out the report, which will be presented to the Great South West Board at its February 2024 meeting.