Aerospace industry highly innovative, poised for growth: report
Industry R&D expenditures total $1.7 billion annually – five times the manufacturing industry average.
OTTAWA — A new report by the Aerospace Industries Association of Canada (AIAC) suggests Canada’s aerospace industry is set for continued growth and will continue to play an important role as an innovative manufacturing leader.
“By offering highly-skilled, highly-paid jobs, driving industrial innovation, and posting growing revenues, aerospace will continue to be a strong contributor to Canadian jobs, communities, and the economy,” said Jim Quick, CEO of AIAC.
Key findings from the report include:
- Contributing 172,000 jobs and nearly $28 billion to the Canadian economy in 2013.
- The aerospace manufacturing industry is one of Canada’s most R&D and export intensive industries, spending $1.7 billion annually – 5 times the manufacturing average.
- Canada ranks third in terms of global civil aircraft production and is forecasted to grow twice as fast as the global market during the 2014-2021 period, thanks in large part to its entrance into the large jet market next year.
- The Canadian aerospace defence industry has a strong MRO capability and its manufacturing activities are well integrated into global value chains. It also conducts a disproportionately high amount of defence-related R&D, relative to its size within the defence industry.
- Space systems manufacturing employment is concentrated in innovation and corporate functions, with highly-skilled, highly-paid employees and stellar rates of small- and medium-sized enterprises (SMEs) engaged in research and development.