Daytona Beach, Fla., Feb. 5, 2010 -- A new study by the Center for Aviation and Aerospace Leadership (CAAL) at Embry-Riddle Aeronautical University – Worldwide predicts that the aerospace industry will recover in 2010 – and the rate of recovery could be relatively quick. In fact, the study, titled the Aerospace Economic Report and Outlook for 2010 (the AERO 2010 Report), goes even further by suggesting that the recovery in aerospace manufacturing may help lead the U.S. economy out of the recession.
“It may take some time to return to the pre-recession levels of output and employment in our economy, but we anticipate that the rate of growth in aerospace manufacturing will be better than other sectors,” said Dr. Saul “Sonny” Barr, a senior aerospace economist at CAAL and primary author of the study.
However, the study also revealed a subtle but ominous trend. More specifically, the data indicates that there is a strong long-term trend toward the importation of aerospace components and parts. Even though the United States continues to lead the world in the export of assembled aircraft, it is clear that a growing percentage of the components that go into the assembled aircraft are being produced overseas.
“The vast network of U.S. manufacturers that are so critical to the production and support of both civilian and military aerospace products may be at risk if this trend continues,” said retired Air Force Brig. Gen. Robert Mansfield, an aerospace executive in residence at Embry-Riddle Worldwide and co-author of the study.
Dr. Robert Materna, director of CAAL, echoed Brig. Gen. Mansfield’s concern and notes that the U.S. aerospace industry is unique because it plays a critical role in our economy as well as our national defense.
The results of this study, as well as other aerospace manufacturing topics, will be discussed at Embry-Riddle’s first Aviation and Aerospace Manufacturing Summit, to be held Feb. 22-24, 2010, at the Walt Disney World Swan and Dolphin Resort in Orlando, Fla.
Visit Embry-Riddle Worldwide’s Web site at worldwide.erau.edu for more information about the event. To obtain copies of the AERO 2010 Report, call the Center for Aviation and Aerospace Leadership at (210) 659-7703, ext. 7.
Embry-Riddle Aeronautical University, the world’s largest fully accredited university specializing in aviation and aerospace, offers more than 30 undergraduate and graduate degree programs in its colleges of Arts and Sciences, Aviation, Business, and Engineering. The university educates more than 34,000 students annually at residential campuses in Daytona Beach, Fla., and Prescott, Ariz., through the Worldwide Campus at more than 170 centers in the United States, Europe, Canada, and the Middle East, and through online learning. For more information, visit www.embryriddle.edu.