From: Aerospace Industries Association
Posted: Monday, September 9, 2019
The U.S. aerospace & defense (A&D) industry continues to be at the heart of American economic success and reduced the federal trade deficit by 10% last year, according to “2019 Facts & Figures: U.S. Aerospace & Defense.” This in-depth analysis, developed by the Aerospace Industries Association (AIA) with the support of IHS Markit, examines the industry’s contributions to the United States’ economic wellbeing, national security, and innovation from 2010-2018.
Building on the preliminary data released earlier this year, the analysis finds that in 2018 the A&D industry has maintained growth despite a variety of challenges, including federal budget uncertainty, increasing political gridlock in Washington, and a government shutdown. Year on year, the aerospace and defense industry continues to provide world-class products to our warfighters, partners, and allies around the globe and develop cutting-edge technologies that will shape life in the years and decades to come.
“At a moment of fierce international competition and economic change, American aerospace and defense products remain the world’s gold standard and play a critically important role in creating American jobs and reducing the deficit,” said AIA President and CEO Eric Fanning. “U.S.-built commercial aircraft are connecting communities across the country and across the planet. American defense systems are keeping our country and our allies safe. And U.S. technology is driving ambitious commercial and government space efforts.”
The report highlights an eight-year trend of sustained growth, culminating in 2018 sales exceeding $929 billion and a trade surplus of nearly $90 billion. This success was underpinned by innovative manufacturing and was felt across the supply chain, which grew to $459 billion in output – a four percent increase over the previous year. And none of this would have been possible without the more than 2.5 million people who make up the talented A&D workforce.
However, industry’s future success is not guaranteed. Substantial and sustained investments in research & development by the A&D industry and the federal government will be critical to future technological innovation. And growing the A&D workforce and increasing diversity will be essential to maintaining the industry’s competitive edge.
With the right policies, resources, and people, the American aerospace & defense industry can build on the last eight years of success and remain a cornerstone of U.S. economic and national security. For more information, please visit: https://www.aia-aerospace.org/
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