Space Report Reveals $251 Billion Global Space Economy in 2007
COLORADO SPRINGS, Colo. (Apr. 8, 2008) -- The Space Report 2008: The Authoritative Guide to Global Space Activity, released by the Space Foundation today, revealed more than $251 billion in global space activity in 2007. The Space Report 2008 is a publication that thoroughly examines and analyzes the state of the space industry. The flagship product of the Space Foundation's Research and Analysis division, The Space Report 2008 covers primarily 2007 data, contains information on global space budgets and revenues, a yearly summary and analysis of the Space Foundation Index, and, for the first time, addresses United States (U.S.) labor and workforce issues. Total global space industry budgets and revenues reached $251.16 billion in 2007, representing a single-year increase of 11 percent from 2006.
"We are pleased to announce that since the original publication of The Space Report 2006, the global space economy has grown significantly, with double-digit increases each year," said Space Foundation President and Chief Executive Officer Elliot G. Pulham. "It is an exciting time to be part of the space industry. "The Space Report 2008" and the Space Foundation Index clearly illustrate that, in a business climate full of uncertainty and cutbacks, all sectors of space continue to grow and provide value to the global economy."
For the first time, The Space Report 2008, in a thorough and objective manner, looks at the role of space jobs within the overall United States workforce. Using the most recent statistics available from the federal government, The Space Report 2008 shows that U.S. space industry employment is growing and that the average annual wage within the industry is more than double the broader private sector average wage. In 2006, U.S. space industry workers were paid an average annual wage of $88,200 versus $42,400 for average private sector employees.
The Space Report 2008 also reveals that satellite-based products and services and U.S. government spending on space again comprise the two largest segments of the space industry at 55 percent and 25 percent of total revenues, respectively. Direct-to-home television and Global Positioning System equipment and chipsets, the two largest sub-segments of the commercial space industry, also posted the strongest growth numbers in 2007, with 19 percent and 20 percent increases, respectively.
The original edition, The Space Report 2006, looked at the global space industry in its entirety for the first time and established a value for the industry in terms of budgets and revenues, as well as creating a market index for space. "As we learn more about the evolving global space industry," said Pulham, "the Space Foundation is committed to providing the most comprehensive, transparent, and accurate assessment of the impact of established and emerging space markets on our daily lives and financial markets."
A key component of "The Space Report 2008" is the Space Foundation Index. Now in its third year, the Space Foundation Index is a weighted index that tracks the market performance of 31 public companies that derive a significant portion of their revenue from space-related assets and activities. From its inception in June 2005, through December 2007, the Space Foundation Index increased by more than 29 percent, on pace with the NASDAQ Composite Index and outpacing the S&P 500 Index.
The early April release of The Space Report 2008 contains data for calendar year 2007, and will provide timely and useful information throughout the calendar year. For more information, or to purchase a copy of The Space Report 2008: The Authoritative Guide to Global Space Activity, visit www.TheSpaceReport.org.
About the Space Foundation
Founded in 1983 and celebrating its 25th anniversary this year, the Space Foundation is an international nonprofit organization advancing space-related endeavors to inspire, enable, and propel humanity. A leader in space awareness activities, major industry events, and educational enterprises that bring space into the classroom, the Space Foundation is headquartered in Colorado Springs, Colo. It conducts research and analysis and government affairs activities from its Washington, D.C., office, and has field representatives in Houston and Cape Canaveral, Fla. The Space Foundation conducts the premier annual gathering of the global space community, in Colorado Springs. The Space Foundation will also conduct the inaugural Space Business Forum: New York, on June 18, in New York City, and along with partnering organizations, Strategic Space and Defense 2008, scheduled 6-8 October in Omaha, Neb. For more information, visit www.SpaceFoundation.org.