Sector On Track To Continue Expansion In 2018

The Aerospace Industries Association has released its 2018 Facts & Figures report, detailing positive growth in the aerospace and defense industry for 2017.

“2017 was a very strong year for our industry and 2018 is shaping up to be even stronger,” said AIA President and CEO Eric Fanning. “America’s aerospace and defense companies are expanding research and development and ramping up production to meet growing international and domestic demand, while the U.S. government is increasing its investments in defense and space.”

Here are some of the key highlights from this year’s report:

• The industry generated $865 billion in economic output and accounted for nearly two percent of U.S. nominal gross domestic product.
• The industry shipped $143 billion in exports, which accounted for nine percent of total U.S. exports in 2017.
• Aerospace and defense generated a positive trade balance of $86 billion in 2017 – the largest of any U.S. industry – effectively reducing the U.S. trade deficit by 10 percent.
• The U.S. aerospace and defense industry supports 2.4 million American jobs, paying an average wage of $91,500 – 81% above the national average.
• In total, aerospace and defense paid out $220 billion in wages and benefits in 2017, which accounted for 2.3 percent of the nation’s total labor income.

“The A&D industry plays a critical role in securing America’s national security, in driving our economy, in leading global innovation, and in inspiring people around the world to dream big dreams. We’re proud of the work we do,” Fanning said.

2018 Facts & Figures: The U.S. Aerospace & Defense Industry, published with the support of IHS Markit, offers a snapshot of the health of the aerospace and defense industry.

(Image provided with AIA news release)

FMI: Full survey