The aerospace industry enjoyed record-high sales and profits this year, with a surge in orders for commercial aircraft, engines and parts adding to modest gains in spending on defense and government equipment, the industry’s top official said Wednesday, the Daily Breeze reports, citing Copley News Service.
Total sales jumped $14 billion, to a new high of $184.4 billion, the third straight year of gains, Aerospace Industry Association President John Douglass said.
Profits grew more modestly.
“The good news is, next year we know we’re going to grow by about $11 billion” in sales, Douglass said in the industry’s annual progress report and forecast. He predicted additional growth over the next several years based on a sharp jump in the backlog of commercial aircraft on order.
The breakdown of the various types of aerospace products released by Douglass showed civil aircraft sales jumping $7.4 billion, to $54.6 billion; while military aircraft nudged up $700 million, to $53.5 billion; and space systems gained $800 million, to $39.4 billion.
