Canada's aerospace industry is growing quickly, with the latest reports showing that it's reaching new heights.
According to the Aerospace Industries Association of Canada's recent State of the Aerospace Industry report, the industry is flying high with innovation, and reports are finding that staffing and hiring rates are also continuing to grow.
"The numbers released today illustrate the continued growth and vibrancy of Canadian aerospace and the important role that our industry plays as an innovative manufacturing leader at home and around the world," said Jim Quick, the president and CEO of the AIAC. "By offering highly-skilled, highly-paid jobs, driving industrial innovation, and posting growing revenues, our industry is proud to be a strong contributor to Canadian jobs, communities, and our economy."
The aerospace industry contributed about 172,000 total jobs to the Canadian economy in 2013, representing nearly $28 billion, according to the news source. It also has recently seen high levels of innovation, helping growth forecasts continue to rise in the near future.
This industry is also one of the country's best and brightest for research and development and exports. Aerospace spending for these companies totals about $1.7 billion annually, about five times the manufacturing average, which is also rising.
Canada's aircraft production figures are also on the high end of most industry expectations, and forecasts project them to continue growing twice as fast through 2021 largely because of the country's expansion into the large jet market.
Specifically, space systems manufacturing employment has been highlighted by innovation, with highly paid employees and small- and medium-sized businesses focusing on research and development. Manufacturing abilities are also largely lauded, with a high amount of defence-related spending in particular.
The province of Alberta noted that the country's aerospace industry is ranked fifth overall among all Organization for Economic Co-operation and Development countries in terms of its revenues and potential contributions to GDP. It also can direct nearly $42 billion in revenue across several supply chains, with 80 percent of its production shipped globally.
The companies that work with Canadian aerospace include OEMs like Boeing, Airbus, Bombardier and Embraer. It also dedicates more than 20 percent of its overall activity to R&D processes, with plenty of employment opportunities for both workers and pilots due to its 177 flight schools.
In particular, the Maintenance, Repair and Overhaul sector has generated more than $6.5 billion in annual revenue with nearly 27,000 total employees. This section of the industry has full nose-to-tail services for single and twin-aisle commercial transport aircraft, as well as regional jets and turboprops, business aircraft, military aircraft and helicopters. IT also often helps improve engine and accessory repair and overhaul purposes for products including gas turbines and piston engines.
Productivity on the rise
The website of the province of Alberta noted that productivity growth in the industry has been markedly on the rise for at least the last decade. Production expanded by 53 percent between 2002 and 2009, and has followed a similar trajectory in recent years. It's also a leader in productivity growth and value added per employee.
As well, Canada has a strong pipeline of future employees, with 22 Canadian universities in the 500 top-ranked locations in the world. The country has had 11,450 undergraduate engineering degrees awarded in 2010, more than the United States on a per capita basis, and 3,000 students graduate from aerospace-related courses each year.