Future growth for the U.S. aerospace industry looks extremely promising. At the end of 2014 the industry had seen an increase of 4%, with sales for larger airliners leading the way to $228.4 billion. The Aerospace Industries Association (AIA) reported civil aircraft made up the largest segment of airliners being produced in a field that includes aircraft for military use, missiles, space, and services and related products, such as those manufactured by Tella Tool. Civil aircraft alone had grown to roughly $75.3 billion by the end of 2014, up from $69.7 billion from the prior year and led orders for the sixth year in a row.
Numbers from 2014 show 725 aircraft in the transport category were shipped at an estimated worth of $57.5 billion, compared to the prior year which saw 648 shipped at a value of $53 billion. When the AIA released its year end review and forecast last December it reported Boeing had 1,274 net orders from the Farnborough Airshow, $40 billion in orders, and 201 commitments for aircraft.
In that same sector, backlogs from December were at an estimated $429 billion, representing 5,552 aircraft, up from $373 billion and 5,080 aircraft the year before. Boeing alone had a backlog of 5,492 aircraft, with 73% of those orders being from foreign airlines.
Exports in the aerospace industry increased to $119 billion from $8.1 billion, which means a positive balance for the U.S. when it comes to imports vs. exports. Imports were $61.2 billion in 2014, which remained on par with numbers from 2013. Civil aircraft, aeroengines, and airline parts were 88% of exports. These numbers were helped by export control reform initiated by the Obama administration, according to AIA. The initiative which began in 2014 shifted items which have dual-use from a Commerce Control List to the U.S. Munitions List. This has led to a 64% reduction of submitted licenses to the State Department for aircraft and related items that had previously been under the control of International Traffic in Arms Regulations (ITAR).
Also getting credit from the AIA was Congress which extended the charter of the Export-Import Bank through June, providing foreign consumers with financing for purchasing U.S. manufactured aircraft. AIA has stated they are determined to do what it takes to ensure the charter stays in place for future growth of the U.S. aerospace industry.