Front Range Airport received a spaceport license from the FAA earlier this month creating the new Colorado Air and Space Port. On Aug. 29, Space Foundation Chief Operating Officer Shelli Brunswick spoke at the #CoSpacePort Celebration, recognizing this exciting development for space in Colorado.
In her comments, Brunswick provided data from the Space Foundation's annual publication, The Space Report.
"In 2017, the global space economy was 384 billion dollars, 7 percent higher than 2016," Brunswick said. "The growth of the commercial space sector has far exceeded that of civil and military government spending and now accounts for 80 percent of the total through telecommunications and broadcasting, positioning, navigation, and timing and earth observation. Private investors poured 3.9 billion dollars into commercial space companies last year. A record 120 venture capital firms made investments in space ventures. Bank of America predicts the space industry will be worth 3 trillion dollars in 30 years, about an 8-fold increase. Merrill Lynch says 2.7 trillion.
"The drive for profit has brought more creativity and financing to space than discovery or security can match. Satellite capabilities are expanding, while weight and size are shrinking. The ability to launch multiples of satellites at a time, combined with the imminent progress of rocket reuseability is slashing the cost. Worldwide internet broadcast from a satellite to your personal receiver is coming. Improvements in weather forecasting, environmental monitoring, productivity in agriculture, identification of resources are coming. Space tourism is coming. And Colorado is poised to seize the opportunities.
"Colorado has the nation's second largest aerospace economy. Eight of the nation's top aerospace contractors have significant operations here. Colorado is the U.S. center for military space, and it has the nation's second most highly educated work force, as measured by residents with a bachelor's degree or higher. Every year, the Space Foundation hosts the largest Space Symposium in the world, where top leaders from global governments and industry converge on Colorado to plan for the future of space."
The Celebration was also attended by Colorado Governor John Hickenlooper and U.S. Representative Ed Perlmutter.
To learn more about the global space economy, please visit www.thespacereport.org.