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US Aerospace Market

Industry Sector

Aerospace

Published

27 February 2012

Author

Paul Chapman

Type of News

Market

The United States aerospace market is the largest aerospace market in the world. The US aerospace market continued to show reasonable strength in 2010 despite the lingering effects of the global economic downturn. In 2010 the US aerospace industry contributed $85 billion in export sales to the US economy. The industry's positive trade balance of $44.1 billion is the largest trade surplus of any manufacturing industry and came from exporting 42 percent of all aerospace production and 72 percent of civil aircraft and component production.

According to a recent study by the US Department of Commerce, aerospace supports more jobs through exports than any other industry. The US aerospace industry directly employs about 500,000 workers in scientific and technical jobs across the nation and supports more than 700,000 jobs in related fields. Investment in the U.S. aerospace industry is facilitated by a large pool of well trained machinists, aerospace engineers, and other highly-skilled workers with experience in the aerospace industry.

Industry estimates indicate that the annual increase in the number of large commercial airplanes over the next 20 years will be 3.2 percent per year for a total of 30,900 valued at $3.6 trillion. Applying a 3.3% annual growth rate over the next five years with 2010 exports as a base ($85B), 2015 aerospace exports are estimated at $99.98B, a 17.6 percent increase over 2010 exports.

In February 2011, the Pentagon awarded Boeing a $35 billion contract to build 179 aerial refueling tankers for the U.S. Air Force. Boeing was selected over Airbus manufacturer European Aeronautic Defense and Space (EADS). The contract will support an estimated 50,000 jobs in Washington State.

In February 2011, Embraer opened an assembly facility in Melbourne FL to produce Embraer Phenom jets. The facility will bring 200 jobs to the community.

In September 2010, France's Safran and the UK's BAE Systems, announced a $1.09 billion deal to purchase Connecticut-based security firm L-1 Identity Solutions, which provides biometric security products. The deal is pending approval by the Committee on Foreign Investment in the United States (CFIUS).

See all Aerospace Market Research:
http://www.companiesandmarkets.com/Market/Aerospace/Market-Research

[Last Updated: 27/02/2012}

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