A report by the Aerospace Industry Association showed that U.S. defense and aerospace companies performed well last year, stimulating economic activity and providing employment opportunities.
The sector generated $865 million in sales, 2.4 million jobs and a trade surplus worth $85.9 billion in 2017, AIA said in its report entitled “2018 Facts & Figures: The U.S. Aerospace & Defense Industry,“ which was released by the trade organization on Wednesday.
Of the industry's $865 million in sales, 52 percent came from companies that produce end-use goods or services, while 48 percent came from the supply chain.
Meanwhile, the 2.4 million jobs created by A&D firms accounted for 20 percent of the country's manufacturing workforce and resulted in $220 billion in wages and benefits.
Finally, the industry's $85.9 billion trade surplus helped cut U.S. trade deficit by 10 percent and allowed the country to remain the world's largest exporter of defense and aerospace systems.
Eric Fanning, president and CEO of the Aerospace Industries Association and a 2018 Wash100 recipient, said that he was encouraged by his industry's 2017 performance and believed 2018 “is shaping up to be even stronger.“