Regional Manufacturing Outlook 2024

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Regional Manufacturing Outlook 2024

Regional Manufacturing Outlook 2024

Report

Updated: October 16, 2024 |

How has manufacturing fared in your region or nation over the past 12 months?

Marking a decade of insights, the 2024 Make UK/BDO Regional Manufacturing Outlook is a pivotal edition in our series. Over the past ten years, this report has consistently provided an annual snapshot of the manufacturing sector's evolution, navigating through a decade of industry fluctuations.

The UK's manufacturing sector remains a bedrock of economic stability, driving innovation, job creation, and export excellence across all regions and nations. Our latest report offers an in-depth look at the sector's regional and national contributions over the previous year. Compiling data from four quarters of the Make UK/BDO Manufacturing Outlook research, we spotlight the sector's contributions in terms of output, orders, employment, and investment, benchmarking against both the national average and the previous year's figures.

Our findings this year reveal progress in manufacturing performance UK-wide, with certain regions particularly excelling. The North East has achieved outstanding results, leading the country in output and orders. The North West follows closely with robust average balances in these key areas.

Wales has demonstrated remarkable progress, showing the most substantial gains across all measured metrics in this year's report.

While the Midlands and the South show a more complex performance landscape, it's noteworthy that the South has recorded the highest average balance for investment over the year, outperforming all other regions and nations.

This report paints a picture of a vibrant and varied UK manufacturing sector, where each region and nation contribute uniquely to the UK’s industrial strength.

For comprehensive regional insights, download the full Make UK/BDO Regional Manufacturing Outlook 2024 report.

If you would like to discuss any of the topics raised in this report, please do not hesitate to contact Richard Austin or your usual BDO Manufacturing partner.

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The Manufacturing Outlook campaign is a Make UK/BDO partnership providing the most comprehensive barometer of the economic climate facing UK manufacturers, providing up-to-date and detailed intelligence on the state of manufacturing across the UK economy. It is important to us that we understand the challenges that you face in running your manufacturing businesses. It helps us use our skills, experience, and knowledge to make a tangible difference to your business.

Manufacturing is a critical component of the UK economy for several compelling reasons. It's a sector that not only drives economic growth but also fosters innovation, supports employment, and contributes significantly to exports.

Firstly, manufacturing is a major contributor to the UK's Gross Domestic Product (GDP). It adds substantial value through the production of goods that are both consumed domestically and exported globally. This economic activity stimulates further growth as it creates demand for raw materials, energy, and services.

Secondly, the sector is a significant source of employment. It provides a wide range of jobs, from highly skilled roles in engineering and design to positions in production and assembly. These jobs often pay well and can be found across the entire country, supporting local economies and contributing to a more balanced economic distribution.

Moreover, manufacturing is at the forefront of innovation. The UK is renowned for its advanced manufacturing capabilities, particularly in areas such as aerospace, automotive, and pharmaceuticals. Investment in research and development within the sector leads to new technologies and processes that can boost productivity and create new markets.

The export element of manufacturing cannot be overstated. The UK is one of the world's largest exporters of manufactured goods, which helps to balance the trade deficit. By exporting goods, the UK not only generates revenue but also establishes and maintains important trade relationships with countries around the world.

Lastly, the manufacturing sector has a multiplier effect on the wider economy. It supports a supply chain that includes numerous other industries such as logistics, retail, and construction. The health of manufacturing can often be an indicator of the health of these related sectors and, by extension, the overall economy.

Manufacturing remains vital to the UK economy. It's a sector that we're committed to supporting and growing, recognising its role in providing jobs, driving innovation, and contributing to a positive trade balance.