Despite Economic Turbulence, U.S. Aerospace Industry Shows ResilienceDecember 18, 2008
The aerospace industry is showing resiliency navigating through turbulent economic times — even ending 2008 with modest growth and showing some strength in important areas such as its foreign trade balance and employment levels, the Aerospace Industries Association (AIA) announced. AIA, based in Arlington, Va., noted that while the industry is not immune to the effects of the ongoing global financial crisis, it is showing relative strength. Aerospace sales are on pace to reach $204 billion for 2008, according to AIA. This is an increase of 2.1% — a lower rate than in recent years, but still a record for the fifth consecutive year. The industry will also continue to post strong export numbers, reaching $99.2 billion for the year. That fuels an important foreign trade surplus of about $61 billion, the largest of any U.S. manufacturing sector (though the surplus remained flat compared to 2007). Employment in the sector also remained strong, with an average workforce that will reach 655,500 for the year — about 10,000 more than the average for 2007. The association is forecasting modest sales growth for 2009, with sales reaching $214 billion. AIA president and CEO Marion Blakey, however, acknowledged that this forecast may be affected by the extremely volatile economic environment in the coming year. |
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