Last year was a tumultuous time for the global economy. High inflation, fluctuating exchange rates, and constricting markets caused trouble across most industries, and space was no exception. The global space economy totaled $546 billion in 2022, 8% higher than the previous year, according to Space Foundation analysis. Government and commercial spending cooled year-over-year, but 2022 still exceeded the five-year growth average.
Government space spending in 2022 totaled nearly $119 billion, 8% higher than a revised total of $110 billion in 2021. Annual growth slowed significantly from the previous year, although 2021’s decade-high growth was primarily due to many nations rebounding from spending cuts in 2020 caused by the COVID-19 pandemic. Initial indications from enacted budget for 2023.
Government space budgets appeared poised for large increases in March as a new Congress expressed zeal for exploration and national security space programs. By July, jeopardy loomed, with deep cuts in domestic spending that threaten NASA spending in the House and an automatic cut that could drive down the Pentagon budget on tap if lawmakers can’t reach a timely accord.
Transaction activity in the space and satellite sector echoed broader market trends during the second quarter, with fairly steady deal volumes as compared to the prior quarter. Volatility in the markets has subsided somewhat over the past year
Space Force leaders pulled back the veil of secrecy on one of the service’s most-secretive programs and made a push for congressional authorization of a new part-time branch during a May 2 hearing before the Senate.
After gearing down in mid-2022, transaction volumes across the satellite and space ecosystem continued at the new pace of normal during the first quarter of the new year.
In 2021,NASA generated more than $71 billion in economic output, supported more than 330,000 jobs, and delivered significant tax revenue for federal, state, and local governments, the agency’s latest Economic Impact Report shows.
The future of human activities in space will be determined by economics as much as by technology or political will. The resurgence of space activities in recent decades .
Unclassified federal space spending would top $60 billion in 2024 under budgets proposed by the White House March 10, with an extra $5 billion planned for civil and military programs.