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Aerospace: An Economic Workhorse

“Technology leadership and innovation define and distinguish Washington state, and we need creative solutions to ensure businesses across the state have a pipeline of talent to remain competitive in a global economy,” affirms Jim Albaugh, president and CEO of Boeing Commercial Airplanes, a business unit of The Boeing Company in Renton, Wa.

Albaugh’s statement is specific to Washington state, but his insight can be applied on the national level.

Aerospace and defense is a powerful economic engine, asserts the Aerospace Industries Association of America Inc. (AIA) in Arlington, Va. In its “Aerospace and Defense: The Strength to Lift America” report, dated Sept. 2010, the AIA issues a call to action.

“We must keep the industry strong. As the U.S. economy moves through uncertain times, America’s aerospace industry remains a powerful, reliable engine of employment, innovation, and export income,” reads the AIA report. The AIA also report reveals the following figures:

Aerospace contributed $81.2 billion in export sales to America’s economy in 2009.

Conservatively, U.S. aerospace sales alone account for three to five percent of America’s gross domestic product.

Every aerospace dollar yields an extra $1.50 to $3 in further economic activity.

Aerospace products and services are the bedrock of our nation’s security and competitiveness.

Two F-22A Raptors

“We strongly believe that keeping this economic workhorse on track is in America’s best interest,” adds the AIA in its report. “To accomplish this, government policies must support a level playing field abroad, our industrial base and a workforce that is aging and needs an infusion of younger employees.”

Even in a period of economic uncertainty, with airline industry setbacks and waning funding for U.S. space travel, the aerospace market logged significant, positive contributions. This geek echoes the sentiments of the AIA in its Sept. 2010 report, applauding local, state, national, and global investments that keep the aerospace workhorse strong and thriving.

Jim Albaugh, Jet, Mentor, Aerospace Industries Association of America Inc., Military, Raptor, AIA, Aerospace, Mentor Graphics, F-22A, Mentor.com, Geek, Mil-Aero, Milaero, Boeing

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