UK space sector income reaches £17.5bn

Figures in the latest Size & Health of the UK Space Industry report show the number of space organisations identified across the UK rose from 1,293 to 1,590, creating 1,772 jobs. The sector now employs just under 48,800 people and supports an estimated 126,800 UK jobs across the wider supply chain.

The West Midlands, East of England and Wales saw the highest proportional growth in space sector income, while Northern Ireland, Yorkshire and the Humber, and the North East of England experienced the biggest proportional increase in number of space organisations. Employment rose by the largest proportion in the North West and East of England.

The 5.1 per cent growth in income shows a higher growth rate than recent years and outpaced both the growth of the global space industry in the same period (1.6 per cent) and the general UK economy, which contracted by 7.6 per cent.

Despite cost of living challenges, survey respondents were optimistic about the future with three in five expecting to grow their income over the next few years, 58 per cent expecting to employ more staff, and half anticipating higher investment.