According to the Bureau of Economic Analysis, the American space economy is a $211.6 billion industry that’s grown over 17% between 2012 and 2021. When adjusted for inflation, the space economy grew 11.4% over that period.
What are the largest industries in the space economy?
Four main industries drive the space economy.
Space-related equipment, such as computer and electronic products, transportation equipment, vehicles, and weapons systems.
Telecommunications and broadcast services from orbiting satellites.
Federal spending on space-related agencies, such as NASA, the Air Force, and the Space Force.
The margins or markups charged by wholesale distributors for space-related items, such as GPS transceivers and antennae.
In 2021, manufacturing overtook information as the largest sector of the American space economy, bringing in $55.8 billion to information’s $54.8.
What are the government’s plans for the space economy?
NASA aims to “develop a human spaceflight economy enabled by a commercial market.” To accomplish this, NASA has funded agreements with private companies to develop commercial-owned and operated low-earth orbit destinations. It has also opened the International Space Station for private astronaut missions for tourism, outreach, commercial research, and other commercial activities.
Get facts first
Unbiased, data-driven insights in your inbox each week
You are signed up for the facts!
How has the space economy changed over time?
The Department of Commerce’s International Trade Administration notes that many economic operations once dominated by the government now happen in the commercial sector due to government encouragement. ITA estimates that of the more than 1,300 US satellites currently in operation, 70% are for commercial use. The Government Accountability Office estimates that an additional 58,000 satellites, many commercial, could be launched by 2030.
Check out more details on the economics of space, and click here to sign up for our newsletter
