Deals announced across the first four days of the 2024 Farnborough International Airshow were worth a total of £81.5 billion, according to ADS Group, the trade association for the UK’s aerospace, defence, security and space sectors. The deals agreed are worth an estimated £13 billion to the UK.
The 260 firm aircraft orders alone are worth £6.4 billion for the UK, while the 808 firm engine orders are worth at least another £1.2 billion to the UK at current prices.
With record industry attendance at the Farnborough International Airshow, the heightened attention towards the world’s aerospace and aviation ecosystem is largely behind this mammoth show of commitment to our sector. Adding to this, the firm commitment to 260 new aircraft highlights industry’s confidence, resilience and buoyancy.
With demand for aircraft still outpacing the amount we are able to fulfil, it is clear that the new UK government needs to address the challenges that are currently holding back our sector’s ability to deliver its full potential and impact to our economy.
ADS recently released its Aerospace Sector Outlook, showcasing that the sector adds £10.9 billion of value to the UK economy – an increase of 16% compared to 2013 figures. The figures highlight 104,000 direct jobs in the aerospace sector, with a median salary of £48.7,000 – 39% higher than UK average, with the vast majority (88%) located outside of London and Southeast England. In addition, with £104,800 output per worker, aerospace sector productivity is 25% higher than a decade ago, delivering strategic advantage for the UK.
