The Aerospace Industries Association (AIA) recently released a report highlighting the importance of the domestic space program to the U.S. economy.
The report, “Engine for Growth: Analysis and Recommendations for U.S. Space Industry Competitiveness,” was written with data and analysis from consulting firm Bryce Space and Technology.
The space program is vital to national security, the report said, but is little known by the public. Foreign competitors are nearly at the level of U.S. companies, but U.S. government policies are stifling growth.
An increase in space industry imports and expanding U.S. space enterprise would positively impact the economy, the report said.
Establishing international partnerships also is vital to growth.
“With annual space and space-derived markets worth more than $300 billion and with new markets emerging for everything from internet communications, remote sensing, satellite servicing, transportation to space and manufacturing in space, we simply can’t afford to be left behind,” AIA President and CEO David F. Melcher said. “We must take a fresh look at the policies, regulations and tax structures impacting America’s commercial space leadership and take steps to assure U.S. space competitiveness.”
U.S. growth can be achieved in three ways, according to the report: through enacting policies, tax structures and regulations; by encouraging system and operational innovation; and through the adequate funding of national security and space technology.