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Contractors working in the automotive sector will be pleased to hear that the industry is set to create approximately 50,000 new jobs over the next two years.
Latest research from Lloyds Banking Group shows that the automotive industry is set to create as many as 50,000 UK jobs due to manufacturers bringing production back to Britain.
The report ‘Fuelling Growth’, surveyed both English and Welsh manufacturers from across the automotive supply chain, and found that 70%) of respondents are looking to ‘on-shore’ some of their operations by the end of 2016.
Confidence is on the rise among automotive manufacturers, as just over three-quarters (76%) expect to grow by up to 25% over the next two years, with an average of 18% expansion predicted.
David Atkinson, Head of Manufacturing, SME, Lloyds Banking Group, said, “Britain remains one of the leading players in automotive manufacturing, with a complex supply chain of high value engineering that is attracting significant inward investment. The sector’s growth in recent years has made the automotive industry the ‘jewel in the crown’ of the nation’s economy, and this looks set to continue with thousands of new jobs predicted to be created.
“It is particularly encouraging to see the commitment of many firms to bring their manufacturing processes back onshore as a way of helping to support both local communities and the wider economic recovery of the UK.”
Mike Hawes, Chief Executive, The Society of Motor Manufacturers and Traders, added, “We welcome the findings from the report, which is further evidence of the renaissance in UK automotive manufacturing seen over recent years.
“The UK has some of the most productive vehicle manufacturing operations in the world and a supply chain with the potential to compete anywhere. We want to see this recent domestic success develop further, to help encourage the re-shoring of the supply chain and the growth of UK based companies’ international markets.”
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