Industry Insight Report: Aircraft Engine & Parts Mfrs Q4-2024
Industry Insight Report: Aircraft Engine & Parts Mfrs Q4-2024
Higher Orders, Inventories
Producer prices for aircraft engine and engine parts manufacturers rose 5% in September 2024 compared to a year ago, according to the Bureau of Labor Statistics (BLS). Employment for the industry grew 4% in September 2024 year over year while wages at aerospace products and parts manufacturers increased 2.8% during the same period. US manufacturing activity contracted in October 2024, marking the lowest Manufacturing PMI registered in 2024, according to the Institute for Supply Management’s Manufacturing ISM Report on Business. The Manufacturing PMI registered 46.5% in October, down 0.7 percentage points from the 47.2% recorded in September. A reading above 50% indicates manufacturing expansion.
News Spotlight:
CT manufacturers eager to start, deepen business ties with plane-making giant Airbus Hartford Business Journal: Full Article »
Industry Forecast
Sales for the US aircraft engine and parts manufacturers industry are forecast to grow at a 5.64% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by aircraft engine and parts manufacturers increases Overall employment by aircraft engine and parts manufacturers changed 3.8% in October compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at aerospace products and parts manufacturers rise Average wages for nonsupervisory employees at aerospace products and parts manufacturers were $47.99 per hour in October, a 5.6% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Aircraft Engine & Parts Mfrs Q4-2024
Higher Orders, Inventories
Producer prices for aircraft engine and engine parts manufacturers rose 5% in September 2024 compared to a year ago, according to the Bureau of Labor Statistics (BLS). Employment for the industry grew 4% in September 2024 year over year while wages at aerospace products and parts manufacturers increased 2.8% during the same period. US manufacturing activity contracted in October 2024, marking the lowest Manufacturing PMI registered in 2024, according to the Institute for Supply Management’s Manufacturing ISM Report on Business. The Manufacturing PMI registered 46.5% in October, down 0.7 percentage points from the 47.2% recorded in September. A reading above 50% indicates manufacturing expansion.
News Spotlight:
CT manufacturers eager to start, deepen business ties with plane-making giant Airbus
Hartford Business Journal: Full Article »
Industry Forecast
Sales for the US aircraft engine and parts manufacturers industry are forecast to grow at a 5.64% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by aircraft engine and parts manufacturers increases
Overall employment by aircraft engine and parts manufacturers changed 3.8% in October compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at aerospace products and parts manufacturers rise
Average wages for nonsupervisory employees at aerospace products and parts manufacturers were $47.99 per hour in October, a 5.6% change compared to a year ago.
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