The U.S. commercial aerospace industry contributed $545.2 billion in total economic output, including $306.9 billion in aerospace products, according to a recently report commissioned by the Aerospace Industries Association.
The report highlights the industry’s impact on the national economy and its role in innovation, employment and trade.
“The American commercial aerospace industry drives economic growth by every measure,” Eric Fanning, AIA president and CEO, said. “From creating well-paying jobs, to investing in cutting-edge research and development, to supporting a healthy supply chain, our industry is a success story across the board. Our new report makes clear the need for a strong policy and trade framework that protects and promotes this high-value, export-driven sector for the long term.”
Other findings include:
The industry contributed $151.1 billion directly to the national gross domestic product. When indirect contributions are counted, it totaled $284.1 billion.
The industry supported 1.6 million jobs with 545,400 in aerospace. Aerospace workers earned $79.5 billion in wages, and the industry supported $157.2 billion in labor income.
The industry contributed $54 billion in taxes, and invested $34.5 billion in research and development, $8.4 billion in expanded production capacity and $2.9 billion in infrastructure.
Aerospace products and parts were the only manufacturing sector to maintain a trade balance.