OTTAWA, July 11, 2024 (GLOBE NEWSWIRE) -- Newly released data reveals that Canada’s aerospace industry is showing signs of economic recovery and continues to be a key driver of the economy as well as a hub for innovation and R&D.
Today, the Aerospace Industries Association of Canada (AIAC), in partnership with Innovation, Science and Economic Development Canada (ISED), released the latest State of Canada’s Aerospace Industry Report, based on 2023 year-end data.
This data indicates Canada’s aerospace industry continues to see increase in revenue, R&D spending, and the sector’s contribution to jobs and GDP, compared to data collected during the height of the COVID-19 pandemic. While not yet at pre-pandemic levels of production, the industry contributes approximately 218,000 jobs to the economy and nearly $29B to GDP.
In Canada, the aerospace industry continues to be an R&D leader, ranking first across Canadian manufacturing industries, with an R&D intensity 3.6 times higher than the manufacturing average. Canada also maintained its global rank in the top five for civil flight simulators, civil engines, and civil aircraft sub-segments. Canada’s aerospace industry exports are valued at $19B as the sector remains a major player in the global aerospace supply chain.
“Today’s data confirms that Canada’s aerospace industry not only has rebounded but is also forging ahead. With R&D expenditures restored to pre-pandemic levels, our commitment is clear: the Government of Canada stands shoulder to shoulder with the industry, fostering its leadership, growth and competitiveness as we transition toward decarbonization. Together, we are ensuring Canada’s aerospace industry continues to thrive, driving economic growth and creating high-quality jobs for Canadians,” said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
“As revenues, jobs and GDP continue to recover and grow, Canada must not take anything for granted. Now more than ever we need an industrial aerospace strategy to ensure Canada is positioned to compete with other leading aerospace nations and capitalize on the economic opportunity in front of us, leading to greater investments, innovation and capability at a time when our country needs it most.” said Mike Mueller, President and CEO, AIAC.
The report’s key findings include:
- Canada’s aerospace manufacturing revenues, jobs, and GDP increased between 2022 and 2023, with the sector nearing pre-pandemic levels as it continues to recover from the challenges of COVID-19.
- The Canadian aerospace industry contributed close to $29B in GDP and 218,000 jobs to the Canadian economy in 2023.
- Between 2022 and 2023, the aerospace industry’s contribution to the Canadian economy increased by $1.7B in GDP and 5,400 jobs.
- Canada maintained its rank in the top five in civil flight simulators, civil engines, and civil aircraft sub-segments, underscoring the Canadian aerospace industry’s product range diversification in 2023.
- The Canadian aerospace industry ranks #1 in R&D among all Canadian manufacturing industries in 2023, with R&D expenditures returning to pre-pandemic levels.
- The Canadian aerospace manufacturing industry exported over to $19B and actively participated in global supply chains in 2023; more than 75% of aerospace manufacturing revenues were export-oriented, with nearly 60% being supply chain related.
About AIAC:
AIAC is the national association representing Canada’s aerospace manufacturing and services sector. As the world’s seventh-largest aerospace industry, Canada’s aerospace sector contributes nearly $29B to the economy in GDP, exports 75% of its output and invests heavily in research and development (R&D) – approximately $1.2B in 2023 – while supporting nearly 218,000 jobs from coast to coast.
For more information:
John Braniff
Sr. Manager Communications and Social Media, AIAC
jbraniff@aiac.ca
613-601-0035
Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca
