Release. A new study looking at British Columbia’s aerospace industry will help businesses take advantage of major growth projected in airplane sales and air traffic in Asia.
The Province recently announced a $5-million dollar commitment to help develop a more unified aerospace industry cluster in B.C. through a partnership agreement with the Aerospace Industry Association of Canada (AIAC) Pacific.
“The results of this study will be an important tool for local builders and contractors to position themselves to benefit from the growing demand for B.C.’s products and services related to the aerospace and aviation industry. It’s essential we realize these opportunities to ensure the continued growth of our province’s small businesses.” – Michael de Jong, Minister of Finance.
The Aerospace Capabilities Study will be conducted by KPMG and is one part of the AIAC partnership agreement that will look at the industry’s economic impact on B.C.’s economy. It will be used as a baseline to measure performance and help aerospace businesses in the province plan how they can supply their products and services particularly for international markets in Asia and the Pacific Northwest.
The study is one part of the efforts the Province is making to support the aerospace industry. Details will be announced later this year on four workshops designed to highlight how small businesses in B.C.’s aerospace sector can take advantage of opportunities in growing international aerospace markets.
There are currently 10,000 aerospace related jobs in B.C. and the government had identified the industry as a potential key growth area in the BC Jobs Plan.
The aerospace industry was identified as a key sector for growth in the BC Jobs Plan.
The B.C. aerospace industry generates $1.2 billion in annual revenues and employs 10,000 British Columbians.
Over the next 20 years, approximately half of the world’s air-traffic will be connected to or within the Asia Pacific region.
To modernize their fleets and meet the growing demand for air transport, airlines in the Asia Pacific region will need 12,000 new airplanes valued at $1.9 trillion over the next 20 years.
Global airplane sales, for both fleet growth and replacement of aging aircraft, will total 34,000 units over that period, with a value of over $4.5 trillion.