UK Space Boom Adds £1 BILLION to Economy – Jobs and Business Soar!
Space Sector Rockets Ahead Despite Pandemic
New figures reveal the UK space industry pulled in nearly £1 billion more in 2021, pushing total income to a staggering £17.5 billion. That’s up from £16.5 billion the year before, proving the sector’s resilience through the COVID-19 chaos. The boom has sparked fresh business launches and created nearly 1,800 new jobs nationwide.
- UK space sector income surges by almost £1 billion
- Nearly 1,800 new jobs added across the industry
- Space organisations jump by almost 300
- Major growth hotspots: West Midlands, North West, North East, Yorkshire & the Humber, Northern Ireland, and Wales
Jobs and Growth Across the UK Regions
The sector now employs just under 48,800 people directly, while supporting an estimated 126,800 jobs across the wider supply chain. The latest report shows space organisations surged from 1,293 to 1,590, creating a wealth of opportunity across the UK.
Regions like the West Midlands, East of England, and Wales led in income growth. Northern Ireland, Yorkshire and the Humber, and North East England saw the biggest rises in number of space organisations. Employment jumped most sharply in the North West and East of England.
Government and Industry Leaders Rally Behind Space Boom
Michelle Donelan, Secretary of State for Science, Innovation and Technology, said:
“With the global space economy expanding rapidly, investing in UK’s space capabilities unlocks new jobs, skills and businesses. The government is committed to supporting this high-growth sector, boosting the UK’s status as a space power and inspiring future generations.”
Dr Paul Bate, Chief Executive at the UK Space Agency:
“A £1 billion income jump and £635 million in investment reflect investor confidence in the UK space sector. We’re driving growth that benefits the economy, science, and the planet. World-class satellite manufacturing keeps the UK at the heart of major international missions, while regional growth in Northern Ireland and northern England is promising.”
John Hanley, Chair of UKspace trade body:
“The sector’s growth during tough times shows its resilience. It’s great to see expansion in previously under-represented areas, and we’re ready to support newcomers. Space offers inspiring jobs and opportunities across the UK, and strengthening partnerships is key to securing the UK’s global leadership.”
Investors Pour Millions Into UK Space
Private investors dominate, pumping an estimated £635 million into UK space firms through 34 deals in 2022 alone, with acquisitions making up most of the cash. Investment deals have skyrocketed since 2012, climbing from a single deal to 34 last year. Big players include Par Equity, Innovate UK, and the Scottish Investment Bank.
Spotlight on Goonhilly Earth Station: Cornwall’s Space Powerhouse
Goonhilly Earth Station in Cornwall is stepping up as a deep space communications hub. Last year, it supported NASA’s Artemis 1 lunar mission and multiple other high-profile projects including the first private lunar lander and India’s Chandrayaan 3 mission.
Goonhilly also developed tracking antenna tech used for Virgin Orbit’s recent launch from Spaceport Cornwall and recently expanded its reach by acquiring US-based COMSAT teleports.
Ian Jones, CEO at Goonhilly Earth Station, said:
“Satellite data powers many everyday services we take for granted, from navigation to weather monitoring. None of this works without specialist ground communication, which is exactly what Goonhilly provides. Our role is vital to the entire space infrastructure.”
Confidence Rockets as Industry Beats UK Economy
The 5.1% growth in UK space income outpaced the global space industry’s 1.6% growth and came despite the UK economy shrinking by 7.6%. Despite rising costs of living, 60% of companies expect their income to rise, 58% plan to hire more staff, and half anticipate increased investment.
Almost three-quarters of companies credit UK Space Agency support as key to their commercial success.
Read the full Size and Health of the UK Space Industry 2022 report for more on this booming sector.
