Since 2005 business turnover has doubled, employment 50% up.
The results of the latest MAA annual survey of member companies are now in. And the 2018 data show strong growth in business turnover for the 13th consecutive year.
The survey allows us to track industry trends. Rapid growth in business turnover in the Midlands aerospace cluster continues its (20% up between 2016 and 2018 alone) is accompanied by a flattening of employment growth after several years of solid increases.
Business growth is based on the strong strategic positions Midlands companies have built supplying the big passenger aircraft market segment. The Midlands continues to track our key benchmark: rising total aircraft output by Airbus and Boeing combined. The Midlands industry, led by Rolls-Royce, is chiefly a designer and manufacturer of engines, components and parts for Airbus and Boeing passenger aircraft (other clusters may be more focused on military aircraft, helicopters, business jets, space etc. which the Midlands also supplies on a smaller scale).
The performance of the Midlands cluster far outstrips that of the UK’s national economy.
It is interesting to note that while turnover continues to grow, employment seems to have peaked. That appears due to a combination of some skills shortages, rising investment in automation, significant productivity increases and some offshoring to low-cost countries.