---
title: "Report: New and Revised Statistics for the US Space Economy 2012-2021 (BEA 2024)"
id: 69917
type: "post"
slug: "report-new-and-revised-statistics-for-the-us-space-economy-2012-2021-bea-2024"
author: "NSE"
published: "2024-01-15T05:00:00+00:00"
modified: "2024-01-11T22:50:13+00:00"
canonical: "https://newspaceeconomy.ca/2024/01/15/report-new-and-revised-statistics-for-the-us-space-economy-2012-2021-bea-2024/"
markdown_url: "https://newspaceeconomy.ca/2024/01/15/report-new-and-revised-statistics-for-the-us-space-economy-2012-2021-bea-2024.md"
description: "The report provides updated and expanded statistics on the contribution of the US space economy to GDP, employment, and other economic measures."
language: "en-US"
category:
  - "Editor’s Picks"
  - "Industry Reports, Papers And E-books"
  - "Launch Market"
  - "Manufacturing Market"
  - "Market Data And Analysis"
  - "Socio-economic"
  - "Space Economy"
post_tag:
  - "Employment"
  - "Insurance"
  - "Space Industry"
---

# Report: New and Revised Statistics for the US Space Economy 2012-2021 (BEA 2024)

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2024/01/2023_new_revised_statistics_us_spaceeconomy_2012_2021_1705008856-1-1.jpg?resize=696%2C901&ssl=1)

[Download](https://newspaceeconomy.ca/wp-content/uploads/2024/01/2023_new_revised_statistics_us_spaceeconomy_2012_2021_1705008856.pdf)

## Synopsis

### Overview

- The report provides updated and expanded statistics on the contribution of the US space economy to GDP, employment, and other economic measures.
- The statistics build on previous estimates released in January 2022 by incorporating new data and methods.

### Key 2021 Estimates

- The space economy accounted for $211.6 billion in gross output.
- It contributed $129.9 billion, or 0.6%, to US GDP.
- There was $51.1 billion in private industry compensation.
- 360,000 jobs in the private space industry.

### Methodology

- The statistics use existing economic data from the Bureau of Economic Analysis supply and use tables and national accounts. These provide detail on industry outputs, incomes, GDP contributions etc.
- The goal is to isolate and rearrange the existing data to focus on the space-related components.

### Revisions from Earlier Estimates

- Previous R&D spending estimates were too low by $5-7 billion per year. Largest revisions were for professional services and manufacturing.
- Insurance data was revised based on new information showing previous overestimates of rates in 2018-2019.

### Industry Trends

- Manufacturing overtook information as the largest space industry sector in 2021 after strong growth in 2019 and 2021.
- Information and wholesale trade contracted from 2019-2021, dragging down overall space economy growth.

### Next Steps

- Continue improving estimates over time and breaking out more categories like launch and R&D.
- Explore state-level space economy estimates.
- Ask stakeholders for additional feedback.