The Aerospace Industries Association (AIA), in collaboration with S&P Global Market Intelligence, has released the 2024 edition of “Facts & Figures,” detailing the economic contributions of the aerospace and defense (A&D) industry to the U.S. economy. The report, based on 2023 data, examines employment, GDP contribution, sales, labor income, and taxes.
“This year’s Facts and Figures shows that the American aerospace and defense industry continues to be an economic powerhouse – outpacing national averages for job creation and wages and contributing significantly to global trade, national security, and technology leadership,” said Eric Fanning, AIA’s President and CEO. “We take pride in maintaining the gold standard in aviation, delivering cutting-edge equipment for modern warfighters, and enabling international collaboration with our allies and partners. With our world-class workforce, advanced supply chain, and high-quality innovations, the American aerospace and defense industry stands as one of our country’s strongest strategic assets.”
In 2023, the U.S. aerospace and defense industry achieved over $955 billion in sales—a 7.1 percent increase from the previous year. This growth highlights the industry's economic impact, with each million dollars in end-use sales supporting four jobs across both end-use manufacturing and the supply chain.
Nearly 60 percent of jobs in the industry are directly linked to the supply chain, accounting for approximately 1,298,036 jobs. This underscores the supply chain's crucial role in driving employment and economic growth within the sector.
The A&D industry's workforce now comprises 2.211 million employees or 1.4 percent of the nation's total employment base. Annual wage growth in this sector consistently exceeds national averages, with average labor income per job reaching $112,000. The A&D industry generated $248 billion in labor income in 2023—two percent of the nation’s total labor income.
Driven by increasing demand, the A&D workforce grew by 4.8 percent from 2022 to 2023—outpacing the national average growth rate of 1.7 percent. This expansion emphasizes the industry's significant role in shaping a prosperous future.
For more information on Facts & Figures and graphic resources related to this data collection for 2023: GDP/SALES EMPLOYMENT ###
