A SKILLS gap in engineering is costing the UK £27Bn a year in potential earnings, a study by the Centre for Economics and Business Research (Cebr).
It found that engineering sectors contributed £455.6Bn to Gross Domestic Product (GDP) in 2014 – 27.1% of the total.
Yet the study, conducted on behalf of EngineeringUK, also found revenues equivalent to the costs of building 1,800 schools or 110 hospitals were being missed because the demand for new engineering jobs is not being met.
the new engineering roles will generate significant output across all of the UK’s nations and regions
If filled, the new engineering roles will generate significant output across all of the UK’s nations and regions, including £8.3Bn in London and £7.1Bn in the South East annually in 2022. The East of England and the South West will benefit from GDP boosts of £2.8Bn and £2.2Bn, respectively, and the North West and Scotland will each enjoy a £1.7Bn increase in economic output.
Engineering sectors support significant employment across the UK, accounting for over a quarter of the nation’s firms and providing jobs for 5.5M people. The average engineering sector employee is more productive than those in accountancy or the legal profession and commands a 15% wage premium over other occupations.
