Project Management: The Secret Sauce Boosting the UK Economy
Did you know that project management is pulling in a staggering £186.8 billion of annual gross value added (GVA) to the UK? That’s a hefty jump of over £30 billion in just the last five years.
Why It Matters (And Why It’s Not Just About Construction)
- 2.32 million full‑time equivalent workers are in project gigs – that’s 8.5 % of all UK FTEs.
- The field delivers more than 9 % of the nation’s GVA – a true game‑changer for productivity.
This powerhouse is confirmed by the Golden Thread Report 2024, a joint effort by the Association for Project Management (APM) and PwC Research. It rolled out on April 25 at the Science Museum in London, carrying the torch from the pioneering 2019 study that first highlighted the profession’s scale.
Numbers That Pack a Punch
- Professional services lead the pack with £47.9 billion in GVA – a 22% surge since 2019.
- The construction sector isn’t lagging either: GVA climbed from £27 billion to £33 billion.
- About 200,000 new project professionals joined the ranks; FTEs in construction jumped from 260,000 to nearly 300,000.
Beyond the Numbers: What’s Driving the Boom?
Think of it as the ultimate “can-do” mindset that’s become essential for:
- Effective programme management across industries.
- Transformation initiatives in every sector.
- Ensuring massive events run smoothly – remember the 2012 London Games?
Statements from the Experts
Professor Adam Boddison OBE, APM’s Chief Executive, paints a picture of optimism:
“Launching this second Golden Thread Report at a time when the UK economy is cautiously bouncing back and net zero is becoming a reality feels like hitting a jackpot. This profession is the ‘golden thread’ weaving quality, efficiency, and strategic change through every industry.”
John Foster, Chief Policy and Campaigns Officer at the CBI, adds a reality check:
“The report nails how big the contribution is, but it also shows that skill shortages are real hurdles. We need to simplify pathways to talent so everyone can thrive in an inclusive economy.”
Quick Takeaway
- 68% of businesses believe project management is gaining traction.
- Over half face a skills gap – a jump from a third in 2019.
- 56% are wrestling with recruitment woes.
Bottom line: Project management isn’t just about building bridges or office towers. It’s the backbone that’s keeping the UK’s economy humming, and the field is growing, brimming with opportunities – provided we tackle the talent crunch and keep this golden thread strong.
