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.
