A comprehensive report released by Deloitte and Touche shows that the Canadian aerospace industry is well-positioned to double the number of high-paying and high-quality jobs in Canada over the next ten years. The report was commissioned by the Aerospace Industries Association of Canada (AIAC) and released last week at the Association's Annual General Meeting in Ottawa.
The document, The Strategic and Economic Impact of the Canadian Aerospace Industry, was presented to approximately 350 attendees representing all segments of the Canadian aerospace industry and other leading aerospace nations, various levels of government, as well as members of the financial and investment community.
The report found that although Canada is in a good position to take full advantage of global growth in the industry, greater support by governments and investment in R&D remain critical factors for ensuring Canada's overall competiveness as other countries are already moving ahead and are in a better position to take advantage of emerging economic opportunities.
The Canadian industry, based in Quebec, Ontario, Western and Atlantic Canada, is regarded globally as amongst the best in world and enjoys a high level of confidence from manufacturers from around the world. However, as foreign governments are investing heavily in their domestic industries and are developing supportive public policy to ensure their growth, Canada is falling behind.
The report also outlined the fact that the Canadian industry is a key driver of innovation, jobs and economic output accounting for nearly 80,000 jobs throughout the country with a payroll of more than $4.6 billion and expected revenues of more than $22 billion in 2010. A sizeable but realizable investment in R&D would allow Canada to double industry employment to 158,000 jobs by 2020.
The report concluded that Canada can maintain its place in an increasingly competitive aerospace world, take full advantage of emerging markets and greatly expand the number of high-paying and high-quality jobs for Canadians, only if the Canadian aerospace industry can reconfigure itself to capture this growth.