Physics and the economy

The importance of physics-based businesses to the economy.

Physics is central to the UK economy. Whether through the application of novel research and technologies, or through the skills and abilities of physics-trained workers, physics drives businesses and innovation. The Institute has commissioned a series of reports from Deloitte to investigate the employment opportunities and economic value physics-based businesses deliver across the UK and Ireland.

What is a physics-based business?
Physics-based businesses are those businesses for which the use of physics is critical to their existence. Therefore, the employment of physicists is not necessary, but the application of physics-dependant knowledge and technology is. Further information regarding the criteria used to identify physics-based businesses can be found in the annex of each report.

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“Physics-based businesses directly contribute 8.5% of the UK’s economic output, more than £77 bn per year.”

The Importance of Physics to the UK Economy (October 2012)

Download the full report (PDF, 4 MB)

Physics in the economy in Wales
 

“Physics-based businesses make a £2.3bn contribution to the Welsh economy every year ”

The Importance of Physics to the Welsh Economy (March 2013)

Download the full report (PDF, 4 MB)

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“109,000 people are employed in physics-based sectors in Scotland, a 9% increase in the number of people employed in 2005.”

The Importance of Physics to the Scottish Economy (October 2012)

Download the full report (PDF, 2 MB)

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“Physics-based businesses contributed more than £1.5 bn to the Northern Irish economy in 2010.”

The Importance of Physics to the Northern Irish Economy (November 2012)

Download the full report (PDF, 3 MB)

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“4.5% of the Irish workforce are directly employed in physics-based jobs; 86,000 people.”

The Importance of Physics to the Irish Economy (November 2012)

Download the full report (PDF, 5 MB)

 

The Institute also has reports from 2007 on physics and the economy.