Apprenticeships have added £3.2 billion into the south-west economy in 2014, according to new figures.
The latest report released by the Centre for Economics and Business Research (CEBR) found that for every £1 spent on apprenticeships, the national economy gains £21.
It also revealed that over the past 12 months, apprenticeships will have contributed £34 billion to the UK economy as a whole.
Speaking to the Western Morning News, Sue Husband - director of apprenticeships at the National Apprenticeship Service - said: "The employers of yesterday, like those of today, recognised the value of apprenticeships in equipping people with the skills businesses required.
"Today our apprentices enjoy quality apprenticeship frameworks, their training is funded by the government and employers, their tools are provided, they have access to higher education, and they receive further support from employers through mentoring."
If the upward trend in apprentice recruitment continues, the CEBR predicts that by 2025, the national economy could be set to gain £50 billion, with this figure more than doubling to £101 billion by 2050.
Since 2010, two million young people have taken up apprenticeships in England. These range across over 170 industries, including fashion, aerospace, broadcast media and finance.
The south-west was revealed to be the region in the UK with the highest number of participating apprentices, with the figure standing at 92,280 in 2012/13 - equivalent to 10 per cent of the UK total.
It was also shown that the North West is the region with the highest concentration of apprentices per total population, followed by regions within Northern England and the Midlands.
At present, more than 100,000 employers across the country are offering high quality apprenticeships.
Moving forward, Ms Husband urges more employer to consider how apprenticeships would be beneficial to their business and the wider economy in future years.
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