Stoke, England — Oct. 10
STEM graduates will benefit from higher salaries and better job prospects as the U.K. economy undergoes a science and technology boom over the next five years, according to a new report.
New research commissioned by Staffordshire University ahead of the opening of its new Science Centre has revealed that science and technology industries are experiencing robust growth during the general economic downturn, with consequential growth in job numbers and graduate opportunities.
The research, conducted by the Centre for Business and Economic Research, demonstrates that science and technology will generate 1 in 4 new jobs in the U.K. in the years to 2017, equivalent to 140,000 new STEM-related jobs by 2016-17.
The science and technology sectors have been one of the few star performers in the aftermath of the economic crisis, with the number of people employed now 1.5 percent higher than in 2008.
This robust growth is expected to continue with annual STEM employment growth of 1.4 percent compared to 0.4 percent for the economy as a whole.
By 2017 it is expected that STEM related occupations will account for 7.1 percent of U.K. jobs. STEM graduates can expect to find their entry into the job market significantly easier than graduates with non-STEM degrees.
The growth in science and technology jobs will also fuel accelerated wage growth in the years to 2017, according to the study. Despite the economic malaise wages for science, technology and engineering jobs will grow more rapidly than in the 2008-11 time period — by 1 percent, 0.6 percent and 1.1 percent, respectively.
The CEBR report also identifies that STEM graduates have proved resilient in the face of a tightening labor market, with the graduate unemployment rate rising by only 0.6 percent to 8.4 percent during the financial crisis.
In comparison, unemployment amongst non-STEM graduates has risen 0.9 percent to 9.8 percent, proving that STEM graduates have been better positioned during the downturn.
Source: Staffordshire University