Global space spending increased $6 billion last year

April 1st, 2009 | National Space Symposium | Posted by Michael Hoffman

Despite the global economic downturn, worldwide space revenues rose by 2.5 percent to $257 billion in 2008, according the Space Foundation.

Space product and services saw the largest growth inside the worldwide space economy increasing by 10.4 percent from $82.4 billion to $91 billion, according ot the foundation’s 2009 Space Report.

Although spending increased, space stocks did decrease in 2008 like the rest of the global market. The Space Foundation tracks 29 public companies inside the commercial space industry. Of those 29 companies, their stock dropped 45 percent in 2008.

However, Space Foundation Chief Executive Officer Elliot Pulham said space remains a strong business.

“The Space Report clearly illustrates that, although our industry is also feeling the pain of the economic downturn, space businesses have out-performed many other sectors,” he said in a press release.

Tags: economy, industry, Space Report

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