2016 Was A High Flying Year For U.S. Aerospace And Defense

2016 Was A High Flying Year For U.S. Aerospace And Defense The Aerospace Industries Association recently announced that the U.S. aerospace and defense industry has set a new export record last year with $146 billion in international sales. The increase follows a five year boost and sales increase of 52 percent.  Contributions to this industry’s growth are being reported from manufacturing communities throughout the U.S. and show that multiple states are gaining momentum from this sector. Image Source: Wichita Business Journal Alabama’s Transportation Exports Grow In Alabama, state manufactured export sales increased to more than $20 billion in 2016. The exports included chemical and paper products, but was strongly led by transportation and aerospace goods as well. Automobile production in Alabama contributed to $7.9 billion in growth with aerospace products jumping $1.4 billion, representing a 65 percent increase from 2015. Impressive Aerospace Progress In Maine In Maine aerospace exports rose more 30 percent in the last year, contributing to roughly 11 percent of the state’s global exports, falling just second to seafood as the most profitable industry. While Maine has not had a notable tradition as a hub for aerospace manufacturing, the industry is growing and is reported to account for almost 7 percent of the state’s manufacturing production, adding up to a $700 million contribution to Maine’s GDP. Image Source: Portland Press Herald Kansas And Kentucky Continue To Contribute Kentucky also saw record breaking exports with production of automobiles, pharmaceuticals, and aerospace goods. Over $10.85 billion in aerospace products and parts amounted to a 24 percent increase from the previous year. Other manufacturing hub states like Kansas contributed to the new national record, but the aerospace cluster in Wichita actually experienced a decline from 2015’s $2.8 billion in exports with a total of just over $2 billion last year. [embed]https://youtu.be/xHEoJ8JKkK8[/embed] Ample Opportunity For U.S. Manufacturers For the U.S. as a whole, aerospace manufacturing is powering our place in the global marketplace as the third most valuable industry. According to the International Trade Administration, U.S. aerospace provided $134 billion in trade in 2016. With global demand for aircraft projected to reach a value of $4.8 trillion through 2032—per a 2013 Pricewaterhouse Coopers’ estimate—the opportunities for this growing American sector appear to be abundant. Has this upward trend had an impact on your business or community? Comment and let us know.   Article Sources http://www.defensenews.com http://www.madeinalabama.com http://www.pressherald.com http://www.kyforward.com http://www.bizjournals.com http://www.madeinalabama.com

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