FARNBOROUGH, England, June 30 (UPI) -- A new report on Britain's aerospace sector says it is growing faster than the rest of the country's economy.
The Aerospace Industry Outlook report by the trade organization ADS Group, said that Britain's aeropace sector is growing 10 times faster than the UK economy and directly employs 109,100 individuals, and supports thousands more in adjacent sectors.
The sector has grown 14 percent since 2011, fueled by a joint government and industry initiative to spur innovation, skills and enhancing supply chain technology development.
"The Aerospace Growth Partnership has worked hard to put the right support in place to help UK industry make the most of significant increases in demand for new aircraft," said Paul Everitt, chief executive of ADS Group. "It is clear that the positive impact of this work is being felt, with almost three-quarters of companies planning to increase investment in the next year, and one in four looking at re-shoring activity back to the UK, attracted to do so in part by the success of the Aerospace Technology Institute in delivering investment in innovation and skills."
The Outlook report was published to complement ADS' monthly commercial aircraft order and delivery data, which showed that in May the aircraft order backlog reached a monthly record of 11,392 units. Monthly date also indicated year-to-date deliveries are up five percent compared to the same period last year.
Sector growth is being driven by new export opportunities, the report said.