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. For the UK specifically, the contracts agreed are worth an estimated £13 billion.
The 260 firm aircraft orders alone are worth £6.4 billion for the UK, while 808 firm engine orders are worth at least another £1.2 billion to the UK at current prices.
Amy Stone, chief economist at ADS said: “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 confidence, resilience and buoyancy.
“With demand for aircraft still outpacing the amount we are able to fulfil, it’s clear the new government’s need 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 the sector’s value add of £10.9 billion 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 £48.7k - 39% higher than UK average with the vast majority (88%) located outside of London and the Southeast.
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