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

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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.