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.
| “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-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) |
| “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) |
| “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) |
| “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.