The South West will benefit from a multimillion-pound investment from leading German space company OHB, creating up to 50 specialist jobs in Bristol working on satellites and exploration spacecraft, and supporting the government’s Plan for Change in delivering more skilled jobs, higher living standards, and productivity growth in every part of the United Kingdom.
Industry Minister Sarah Jones has announced the investment in a speech to the Farnborough International Space Show, welcoming the news as a major win for the South West’s world-leading aerospace cluster, and the latest vote of confidence in the UK’s investment environment.
OHB’s initial multimillion-pound investment will create a new UK subsidiary based at Bristol and Bath Science Park to develop cutting-edge tech for satellites and spacecraft, and was secured by the Department for Business and Trade working together with the Space West cluster, Invest Bristol & Bath and the UK Space Agency.
Industry Minister Sarah Jones said
“The UK is open for business, and today’s investment from OHB is a major win for Bristol’s world-leading aerospace and tech industry which will create high-skilled local jobs and ensure the UK remains a partner of choice for space agencies around the world.
This is the latest vote of confidence in our Industrial Strategy, which will give our space sector the certainty it needs to stay at the cutting edge of global innovation, driving growth and good jobs across the UK and showing our Plan for Change is working.”
The British space sector generates £18.9 billion each year, supporting over 50,000 jobs, and will be a top priority in the Government’s Industrial Strategy, which has identified advanced manufacturing and digital & technologies as key growth-driving sectors.
The UK’s space workforce is also highly qualified and more than twice as productive (2.3x) as the average UK worker, while the global space market is expected to be worth over £1 trillion by 2035, according to the latest figures from global management consultancy McKinsey.
West of England Mayor Dan Norris said:
"Today’s announcement means more high skilled jobs for local people – and that’s fantastic news. OHB SE setting up shop in the West of England is a big win for our region and a real rocket boost for our space industry.
I’m really proud that they’ve chosen the Bristol & Bath Science Park as their UK base. We’re proving once again that this is the place to be for world-class innovation, job creation, and serious economic growth."
Image credit: UK Government and iStock
