The U.S. aerospace industry is slated to see its first job growth in five years.
Contributing to the growth is a revived military market that is bouncing back after shedding 185,000 jobs over the last five years, Forbes noted. The defense sector will see 3.7 percent growth in jobs due in part to a Pentagon plan to expand its 2016 budget by $13 billion, and rising travel demand and falling oil prices are predicted to grow commercial sector employment by 1.8 percent.
In 2014, 1.2 million people were directly employed by the aerospace and defense sector, and 3.2 million people were indirectly employed.
Total employment in the sector decreased by 0.8 percent in 2015 and 1.1 percent the year prior. Since 2010, employment has fallen by 9.4 percent. However, Politico noted that during this period, average wages grew from $79,000 to $94,000.
“The outlook for overall A&D sector employment over the next few years is positive, driven primarily by growth in the U.S. defense budget due to heightened security threats and recapitalization requirements,” wrote Tom Captain, vice chair of US Aerospace & Defense at Deloitte, in the report.