New Zealand’s economy was injected with over $1.47 billion from the space and advanced aviation industries in fiscal year 2023-2024, according to a Deloitte/Space report.
Released Friday by Space Minister Judith Collins, the “TrailBlazer Innovation for Growth, Charting the Space and Advanced Aviation Sectors” report disclosed a total of $285.4 million that came from the advanced aviation sector, which is behind emerging aviation solutions and some components used by space technologies. Meanwhile, the space sector posted an estimated 9 percent year-over-year revenue growth, propelled by increasing demand for space manufacturing, operations and applications.
The minister emphasized how the sectors’ strong performance creates new jobs for locals and attracts billions of dollars in investments into New Zealand.
Collins said the national government aims to continue the momentum seen in the advanced aviation and space sectors, aiming to double its capacity by 2030. “As the sector grows, so does the number of people and communities it supports. The space sector now supports 17,000 jobs in New Zealand’s economy, up from 12,000 in 2019,” she added.
In April, Wellington announced a $6.6 billion budget for the 2025 Defence Capability Plan, an initiative that aims to modernize the country’s military forces. The plan includes acquiring new long-range remotely piloted aircraft and replacing the Boeing 757 fleet.
The Potomac Officers Club will host the 2025 Air and Space Summit on July 31. Join us as leaders from the public and private sectors tackle the challenges and opportunities to advancing air and space defense capabilities. Register today.