May 15, 2016 posted in Aerospace & Aviation
From the May/June 2016 issue of Trade & Industry Development, by Frank Spano and Susan Riffle of The Austin Company
The aerospace industry is undoubtedly healthy and growing. Global air traffic for both passenger and freight, according to Airbus’ latest Global Market Forecast, is expected to grow at a rate of 4.6 percent annually from now through 2034.
It’s not surprising, therefore, that state, county and local/municipal Economic Development Organizations (EDOs) have been — and continue to be — very serious in their efforts to attract aerospace manufacturers and top-tier suppliers to their areas. The resulting “brass ring” of locating a large aerospace operation in their community means job growth that can number in the thousands, highly-skilled worker salaries that can rank substantially above the national average, and a jump-start in economic prosperity that can span an entire region.