New research from the Centre for Economics and Business Research (Cebr) has found that apprenticeships contributed £3.2 billion to the South West’s economy in 2014.
The Cebr report said that for every £1 spent on apprenticeships, the national economy gains £21.
It also predicted that if the upward trend in apprentice recruitment continues, the national economy could be set to gain £50billion by 2025 and £101billion by 2050.
In the South West, the number of apprenticeships was also on the rise, with the amount of online vacancies increasing by 40 per cent in 2012/13. This placed South West as second only to London in terms of providing apprenticeships.
Sue Husband, NAS director of apprenticeships, said: “The employers of yesterday, like those of today, recognised the value of apprenticeships in equipping people with the skills businesses required.”