Employment and investment in private U.S. space industry on the rise

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Despite other sectors of the economy experiencing a downturn due to COVID-19, the aerospace industry is soaring to new heights.  Some might say astronomical heights.

A new report released by the non-profit Space Foundation found that U.S. private space employment has reached a nine-year high.

“Space is now home to the most dynamic and innovative economy on the planet, and that is why Space Foundation’s Center for Innovation and Education is so dedicated to enabling and expanding access to build a skilled workforce for tomorrow,” said Tom Zelibor, CEO, Space Foundation. “There has never been a better time to find a place in the space economy.”

Analysis of the U.S. Labor Bureau of Statistics for five key space sectors showed that hiring increased in all five adding nearly 5,000 workers in 2020, a 3.2% increase from 2019.

In 2020, private space employment totaled 147,953 workers, the highest level since 2011, the year the space shuttle program was coming to an end and 149,818 were employed.

The loss of the shuttle program was a major blow to Florida but since then the state has diversified its space business to include supply chain and manufacturing with a focus on commercial space.

According to Space Florida, there are currently over 130,000 people working in the space and space-related industries in the state. 

“Space was a big part of economic growth in Florida before the virus because it’s high-wage, high-skilled work, “ Dale Ketcham, Space Florida’s Vice President of government & external relations said. “As the report reflects, it has maintained that resilience through the economic downturn of COVID because we launched more than ever and put astronauts in space from Florida.”

SpaceX, the company responsible for launching astronauts to the International Space Station for the first time since the retirement of the shuttle, currently has over 50 open positions in Cape Canaveral.  Blue Origin, founded by Amazon’s Jeff Bezos, has 31 openings at its factory in Merritt Island and 322 positions at its location in Kent, Washington. Meanwhile, aerospace giant Boeing is looking to fill nearly 400 space related jobs all over the country.

The smaller guys are hiring too.  There are nearly daily postings from companies like Astroscale US in Denver or Masten Space in Mojave, CA.

Space Foundation’s analysis also found that in regard to U.S. salaries, the average private sector space salary was $123,234, more than double the average salary for all U.S. private sector jobs of $59,202.

But you don’t have to have an engineering degree to tap into the historic growth.  Aerospace companies are hiring in a variety of fields including manufacturing, operations and food service.

According to the report, space-related mergers, buyouts and equity financings totaled $18.2 billion in 2020. In just the first quarter of 2021, activity across those same areas generated $15 billion.

Ketcham says making money on ambitious space projects is no longer considered pie-in-the-sky.

“We’re now at a point where serious money can be made by the private sector in space and that’s what’s driving that activity.”

Today, CNBC reported that SpaceX’s latest funding round brings the total investments raised this cycle to nearly $1.2 billion. SpaceX CEO Elon Musk is aggressively moving forward with his Starship and Starlink endeavors.

“The reason the markets believe that space is going to become ultimately a multi-trillion dollar industry is because people are going to be making money in space.”

Space Foundation is a nonprofit advocate organization founded in 1983, promoting space exploration and space industries.

Contact Rachael Joy at 321-242-3577. Follow her on Twitter @Rachael_Joy.