The Great South West has announced it is launching a "major new research project" into the region’s high value manufacturing sector.
The partnership, which covers areas across the region, has been working closely with High Value Manufacturing Catapult, the UK’s research and development and innovation agency for the manufacturing sector, plus over 60 organisations from across the South West to develop a coherent picture of the sector and its growth potential.
Manufacturing has been identified by the Great South West as a key sector to help grow the economy by up to £45bn and create 190,000 jobs by 2035. In addition, the sector underpins the region’s priority areas including energy, defence, marine, aerospace, electronics, and the food and drink sector.
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The Great South West Partnership Board approved investment into the research at its November meeting including collaboration with businesses, universities, and stakeholders. The report will deliver an evidence-based review of the scale of high value manufacturing across the region, including its economic impact, levels of exports, scale of investment in research and development, and which sectors are forecast to see the most growth.
It will also provide a platform for discussion with Government and businesses to attract investment and grow South West-based industries. Across the UK, manufacturing generates 10% of total gross value added, 44% of UK exports and accounts for three quarters of business research and development investment.
Karl Tucker, chair of the Great South West Partnership, said: "High value manufacturing is one of the backbones of our region, showcasing our innovation, investment, and competitive edge in the global market. This report will be vital to understanding the scale of high value manufacturing in the Great South West, as well as the future growth of the sector.”
Katherine Bennett CBE, High Value Manufacturing Catapult chief executive, added: “High value manufacturing has the potential to drive sustainable growth across the Great South West. The insights provided in this report will be key to understanding how to accelerate the commercialisation of concepts to reality, strengthening the UK’s manufacturing base and unlocking opportunities for new, high-value jobs and prosperous communities. HVM Catapult looks forward to working with partners across the area to make this happen.”
The Great South West has appointed Hardisty Jones to carry out the report, which will be presented to the Great South West Board at its February 2024 meeting.
