New research reveals that engineering drives local economies with the sector contributing an estimated £15bn GVA every year from Oxfordshire and Cambridgeshire alone.
Engineering growth
Nationwide, up to £645bn is generated by engineering every year for the UK economy, and Cambridgeshire has been identified as an engineering hotspot with 1 in 3 adults employed in the engineering economy.
Capitalising on our world leading universities, the region not only boasts an international reputation for life sciences – for example its pivotal role in creating the world’s first Covid-19 vaccine – but is also pioneering new technologies in energy, aerospace and automotive, as well as Artificial Intelligence, Agri-Tech and Fin-Tech.
Key findings
The research, carried out by Royal Academy of Engineering and Metro Dynamics, highlights some standout figures.
Engineering in Oxfordshire generates:
- More than £8bn GVA per year
- Employment for over 87,330 people
- 8,740 engineering businesses
- 23,710 engineers employed in other sectors
Engineering in Cambridgeshire generates:
- More than £7bn GVA per year
- 9,245 engineering businesses
- 122,594 people in engineering roles
To find out more about this latest research, click here to see the complete update from Royal Academy of Engineering.
Building better connections
Oxford, Cambridge and Milton Keynes have delivered impressive growth in recent years, exceeding even the most ambitious forecasts. Whilst they are top performers on both growth and productivity by UK standards, a there remains significant potential yet to be unleashed.
East West Rail will unlock potential for the region to go even further. Clusters of innovative businesses and universities are currently operating in isolation, struggling to find and attract the people they need, and missing out on opportunities to collaborate. Without urgent action, investment and jobs will migrate overseas. For this area to unlock its growth potential, there must be better connectivity.