According to figures produced by the organisation, the number of people employed within the electronic systems sector has exceeded 1million – 3.28% of the working population – while the contribution to GDP has risen to almost £100billion. In its clarion call report, published in 2013, ESCO targeted 1m people being employed in the sector and a GDP contribution of £120bn by 2020.
ESCO says one of the highlights of its research is the large increase in the number of companies in the sector employing four people or fewer. Figures suggest there are now 36,063 such companies – an increase of 60% in two years and representing 80% of all companies in the sector. The number of companies employing between five and nine people also grew by 26%.
Peter Brooks, ESCO's chief executive, said: "It's a sign of an improving economy and the fact that companies are now more confident. A lot of Government support has been rebuilt and we shouldn't underestimate the contribution of InnovateUK in its active assistance of business."
ESCO accepts that, while there is modest growth across the board, the large growth in employment, the signs that electronic systems enterprises are growing larger and the strong growth in the number of small businesses – interpreted as start ups – suggest electronic systems is a 'very healthy' community.
Concluding, Brooks noted: "This health is reflected in the number of skilled vacancies. Companies want more people because business is good and they need to expand."