Lowtax Network

Back To Top

Isle of Man Reports Aerospace Cluster Job Growth

by Mike Godfrey, Lowtax.net, Washington
24 April, 2014

The Isle of Man Aerospace Cluster (IOMAC) has reported excellent job growth at its 25th quarterly forum. The industry now employs 881 engineers and support staff, up 6 percent from last year and 38 percent since its inception in 2006.

The IOMAC comprises 21 businesses and its growth has been heralded as a success story for the island's Vision2020 strategy for economic growth and diversification in which aviation is a key sector.

The Government also recently granted almost GBP1m (USD1.68m) to the industry, showing its continued commitment to growth in this sector. These funds will be used to create a new engineering training centre and allow the Department of Education and Children to double the intake for their foundation apprenticeship in engineering this year.

Martin Wright, the CEO of North West Aerospace Alliance, of which IOMAC is a member, said: "The prospects for the Isle of Man Aerospace Cluster are very good. As an integral part of the UK's aerospace supply chain, IOMAC members can expect to keep very busy order books for the next few years so the news of further investment into skills development by the Isle of Man Government should be welcomed."

Leonard Singer, a member of the Isle of Man's parliament said: "These are very encouraging job figures. The growth is particularly impressive given [that] it has been achieved despite the unfortunate closure of CVI Technical Optics with the loss of 41 jobs. I am delighted that virtually all affected individuals were able to find alternative employment within this strong and growing Cluster."

"In addition, several member firms have had a number of staff retire over the past year. Once you take these factors into account, nearly 100 new jobs have been filled in the Cluster alone over the past year. These are very impressive figures and prove that the Isle of Man continues to be an attractive location for those looking for long term, well-paid careers in engineering."

See all of today's news


News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »