Fairfax, Virginia’s Teal Group Corporation, an aerospace and defense analysis firm, is projecting that the world aircraft market will grow to more than a $190 billion dollars by 2020, up from around a $126 billion this year.
Richard Aboulafia is the Teal Group’s vice president of analysis. He says much of that growth will take place over the next three years.
“By the standards of the world economy, aircraft are a real safe haven, and that’s true in both the civil and the military markets. While people are concerned about defense spending cuts, so far, we’re at a very high level. We might come down a little, but still, things are humming along very nicely.”
The Texas economy will benefit from the uptick in orders.
Much of that business will go to the Dallas-Fort Worth area, home to Lockheed-Martin, Bell Helicopter and a number of smaller aerospace manufacturers. Meanwhile, Louisiana, Mississippi, Alabama and Florida are angling for direct investment from Airbus parent EADS, as well as other foreign manufacturers.