The Economic Contribution of the ITS Sector to the Economy
This first-of-its-kind economic study reveals that the transport technology sector is delivering £3.2 billion in economic value, more than double the size of previous estimates.
The report, commissioned by ITS UK and authored by leading consultancy Capital Economics, paints the picture of a highly productive and growing sector of strategic value to the UK.
The report reveals that the sector:
- Delivers £3.2 billion in economic value (GVA), more than double ITS UK’s previous estimate of £1.5 billion;
- Supports 45,000 jobs with roles being highly productive. The average ITS job contributes £73,600 in GVA, compared to the UK average of £67k per year.
- Provides £510 million in in tax revenue
As well as estimating the economic contribution, the report highlights how the sector has wider catalytic impacts on transport including by improving safety, enhancing network efficiency and delivering environmental benefits.
