AIAC & ISED Release Latest State of Canada's Aerospace Industry Report

OTTAWA, June 12, 2023 (GLOBE NEWSWIRE) -- Newly released data confirms that Canada's aerospace industry has officially started its pandemic recovery and continues to be an important contributor to the economy as well as a key driver of 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 2022 year-end data.

To view the full report, click here.

Pour lire le rapport en français, cliquez ici.

The data shows that in 2022 the Canadian aerospace industry saw an increase in revenues, jobs, and GDP for the first time since 2019, before the sector was impacted by the COVID-19 pandemic. The aerospace industry continues to rank first in R&D investments in Canada, with an R&D intensity 2.3 times higher than the manufacturing average. Canada also remained the only country to rank in the top five for civil flight simulators, civil engines, and civil aircraft sub-segments. On the world stage, Canada remains an aerospace export leader.

"I am delighted to see the industry bounce back as it is foundational to our country's economy. Our government will continue to support our aerospace industry to ensure Canada's global leadership in the sector, grow our ecosystem, develop innovative technologies, and accelerate its transition towards a more sustainable aviation," said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.

"We are pleased to see that the effects of the pandemic are slowly being reversed with revenues, jobs and GDP rebounding. That being said, Canada must not take anything for granted. While we continue to be leaders in research and development domestically, the spending devoted to innovation is declining. As our competitors are global, we need to reverse the trend. To do so, it's critical that Canada has a comprehensive national aerospace strategy for the next 20 to 30 years, leading to greater investments, innovation and capability," said Mike Mueller, President and CEO, AIAC.

The report's key findings include:

• Canada's aerospace manufacturing revenues, jobs, and GDP increased between 2021 and 2022, marking the start of the sector's recovery from the pandemic.
  
• The Canadian aerospace industry contributed close to $27 billion in GDP and over 212,000 jobs to the Canadian economy in 2022.
  
  • Between 2021 and 2022, the aerospace industry's contribution to the Canadian economy increased by $1.8 billion in GDP and 14,400 jobs.
• Canada is the only country that ranked in the top five in civil flight simulators, civil engines, and civil aircraft sub-segments; maintaining the Canadian aerospace industry's product range diversification in 2022.
• The Canadian aerospace industry maintained its #1 R&D ranking among all Canadian manufacturing industries in 2022, despite a decline in R&D expenditures.
• The Canadian aerospace manufacturing industry exported close to $18.7B and actively participated in global supply chains in 2022; more than 80% of aerospace manufacturing revenues were export-oriented, of which over 60% were supply chain related.

www.aiac.ca

For more information

Louis-Charles Roy
VP Public Affairs and Government Relations, AIAC
[email protected]
514-891-2142