Aerospace and Aviation Industry Well Positioned for Growth

Team NEO provides insights on opportunities for the industry

In addition to a strong NASA presence with two locations –  NASA Glenn Research Center and the Neil A. Armstrong Test Facility – the Northeast Ohio Region has a robust supply chain to provide goods and services for the aerospace and aviation industry. Team NEO’s Quarterly Economic Review, released today, showcases the strengths and opportunities to support this industry.

Specifically:

  • The aerospace industry has access to 74% of the goods and services needed to operate its business. This translates to efficiencies in time and cost savings for businesses in the Northeast Ohio Region.
  • The Aerospace and Aviation gross domestic product (GDP) is projected to grow 24.5% from 2022-2030. This is twice as fast as projected overall GDP in the region.
  • Occupations in the industry, including many requiring science, technology, engineering, and math (STEM), skills, pay a family sustaining wage. The median annual earnings for the top 15 occupations is $70,671.90. Further, the annual median salary for manufacturing occupations in this industry is $61,823.87 compared to the overall manufacturing median salary of $48,837.19.
  • The Northeast Ohio Region colleges and universities are preparing students for the future of this industry. We showcase case studies from Kent State University and Case Western Reserve University in the report.  

“In the Northeast Ohio Region, the heartland of innovation, the opportunities are great for the aerospace and aviation industry,” said Team NEO Chief Executive Officer Bill Koehler. “With our NASA presence, talented workforce and manufacturing legacy, we have the infrastructure to grow.”

Team NEO publishes the Quarterly Economic Review to provide a holistic picture of the 14 counties of the Northeast Ohio Region’s economy. The nonprofit organization uses this information to attract new businesses and jobs to Northeast Ohio and help those that are here grow. For this QER report, Moody’s Analytics and Lightcast 2024 were used to compile data.

About Team NEO

Team NEO is a private, nonprofit economic development organization that ignites economic vibrancy, fosters sustainable growth, and champions equitable prosperity. As a designated JobsOhio Network Partner, we collaborate across all 14 counties in the Northeast Ohio Region to create strategies to attract and retain companies, drive innovation, cultivate a skilled workforce, advance market-ready sites, and promote and engage the region. To learn how Team NEO helps make Northeast Ohio more competitive, visit northeastohioregion.com