BEA Releases Revised Space Statistics Through 2022
BEA Releases Revised Space Statistics Through 2022
Estimates Impact of the Space Economy to the U.S. GDP
The U.S. Bureau of Economic Analysis (BEA) has released new, updated, and expanded U.S. space economy statistics for 2017–2022. These statistics provide estimates of the space economy's contribution to U.S. current-dollar and chained-dollar (“real”) gross domestic product (GDP) and gross output by industry as well as estimates of private employment and compensation.
The new statistics show the space economy accounted for $131.8 billion, or 0.5 percent, of total U.S. GDP in 2022. Real GDP grew by 2.3 percent in the space economy, faster than growth in the overall U.S. economy (1.9 percent). The statistics also show in 2022 the space economy accounted for $232.1 billion of gross output and $54.5 billion of private-sector compensation and supported 347,000 private-sector jobs. The new 2022 statistics and revised 2017–2021 statistics build on previous estimates that were released in June 2023 by incorporating new source data, most notably the results of BEA's 2023 comprehensive update of the National Economic Accounts.
For the first time, this release of the space economy statistics is presented in the same format as BEA's official industry statistics. This means the industry detail is expanded from just over 30 industries to 75 industries, providing even more information about the industrial composition of the U.S. space economy and its changes over time. Additionally, two new datasets are provided that show price indexes for value added (also known as GDP) and gross output, also published with the same 75-industry detail. Lastly, this report focuses on GDP and chained growth rates, further aligning with BEA's official statistical releases.
This report starts with an overview of the major findings from the updated statistics, followed by a description of the revisions made to the previously published estimates for 2017–2021. Next, an overview of the methodology is presented. The report concludes with a review of current and future plans for the space economy statistics including ideas suggested by data users during BEA's inaugural Space Economy Measurement Workshop held in March 2024.
In 2022, real GDP in the space economy grew by 2.3 percent, propelled by growth in all categories of government (7.2 percent), most notably federal national defense (16.2 percent). Professional, scientific, and technical services also experienced double-digit growth of 11.7 percent. Both the federal national defense industry and the professional, scientific, and technical services industry engage heavily in research and development (R&D) activities, which are driving these results. Real gross output grew by 2.9 percent in 2022 and exhibited similar industry trends as the GDP statistics.
Private industry employment for the space economy was 347,000 in 2022, and compensation was $54.5 billion. Manufacturing accounted for 31.1 percent of total private employment but 43.1 percent of compensation in 2022, due to its relatively high average annual compensation level ($217,296). Information was the second-largest industry in terms of private employment in 2022 (21.9 percent) and third largest in terms of compensation (18.0 percent). Conversely, wholesale trade was the second-largest industry in terms of compensation (19.2 percent) and third largest in terms of employment (21.6 percent), reflecting a higher average annual compensation than information ($139,333 versus $128,789).