British minerals products industry research released

The research has found that the UK Minerals Products Industry:

• Makes a gross value added (GVA) contribution to the UK Economy of over £4 billion pa – greater than creative industries such as film and video and not far short of the automotive and aerospace industries.
• Generates an annual turnover of £9 billion.
• Has labour productivity 2.5 times higher than the national average.
• Feeds industries that have a combined turnover of £400 billion.
• Is the largest supplier to the £120 billion UK construction industry.
• Pays over £1 billion of taxes annually.
• Employs over 70 000 people.
• Makes significant economic contributions throughout the UK.

In its analysis, the consultancy also assessed the significance of the industry by modelling the economic impact of the UK having no indigenous supply of aggregates.

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The findings showed that reliance on imported aggregates would have led to a loss of £20 billion for the UK’s GDP, which equates to 1.5% over a 15 year period.

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Chief Executive of the Mineral Products association (MPA), Nigel Jackson, said, “We wanted Capital Economics to carry out an independent assessment of the economic significance of our sector and have been surprised by the results.

Even taking account of the 30% loss of output during the recession, the industry’s GVA contribution indicates the critical value of the industry to construction and many other important sectors.

Read More: http://www.worldcement.com/sectors/regional-insight/articles/British_Mineral_Products_Industry_Analysis_099.aspx