Space, Advanced Aviation Boost Economy By $2.5b
The report released by Space Minister Judith Collins highlighted the fast-growing space sector with revenue increasing by 53 percent in the five years to 2024 – a faster rate than the worlds space economy.
Minister for Space
The space and advanced aviation sectors added more than $2.5 billion to the New Zealand economy last year, a report released today by Space Minister Judith Collins shows.
The Deloitte/Space TrailBlazer Innovation for Growth, Charting the Space and Advanced Aviation Sectors report showed the space sector contributed $2.47b to the economy in the 2023-24 financial year.
The advanced aviation sector, which includes emerging aviation technologies and overlaps with the space sector, contributed $480 million.
'The report showed our fast-growing space sector with revenue increasing by 53 percent in the five years to 2024 – a faster rate than the world's space economy,' Ms Collins says.
'This is a success story we should be proud as it shows the sector is creating jobs for New Zealanders, attracting billions of dollars of investment into New Zealand, and driving innovation and scientific advancement.
'We want to keep up the momentum, which is why we set the ambitious target of doubling the size of New Zealand's space and advanced aviation sectors by 2030.'
The space sector's year-on-year revenue growth of nearly 9 percent since 2019 was largely driven by increases in space manufacturing, operations and applications. The report, commissioned by the Ministry of Business, Innovation and Employment, also found New Zealand's space sector is commercially led and homegrown, with 78 percent of survey respondents saying more than half their workforce is local.
'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,' Ms Collins says.
'Whether it's a research lab, a drone manufacturer, or a rocket launch pad, there are some amazing companies and an immense depth of talent working in the space and advanced aviation sectors throughout the country.
'Last year the Government signalled our intention to support the sector through a light-touch regulatory approach. We have natural advantages of clear skies and geography, and we want to give innovators the flexibility to test their ideas and continue driving growth.'
'It's also important we encourage the next generation to consider careers in the space and advanced aviation sectors.
'Applications for the Prime Minister's Space Prizes open on 12 May. These prizes recognise and encourage innovative expertise for professionals and students, and I'd encourage people to apply,' Ms Collins says.
The Innovation for Growth, Charting the Space and Advanced Aviation sectors report is available on the MBIE website.
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