?? NASA’s $75.6 Billion Contribution to the U.S. Economy: 2023 Economic Impact Report on Job Creation, Innovation, and Industry Growth
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Happy Friday, Space Enthusiasts! ??
This week, Teledyne Technologies announced it has entered an agreement to acquire key aerospace and defense electronics businesses from Excelitas Technologies for $710 million. The strategic move aims to complement Teledyne’s existing products and broaden its presence across defense and space markets in the U.S. and UK.
NASA also recently released its Economic Impact Study for Fiscal Year 2023, a showcase of the economic activity driven by the agency's initiatives. The report found the NASA's activities in FY 2023 contributed $75.6 billion to the U.S. economy, generating nearly 305,000 jobs across diverse sectors, including R&D, manufacturing, and education, with each job paying above the national average.
Read on to learn more about Teledyne Technology's plans to acquire Excelitas, key takeaways from NASA's Economic Impact Study for Fiscal Year 2023, and your weekly news round-up.
In this edition of the Space Impulse Newsletter, you'll find:
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Space News Highlight ?
Teledyne To Acquire Key Defense And Space Electronics Businesses From Excelitas In $710M Deal
Teledyne Technologies Incorporated has entered an agreement to acquire key aerospace and defense electronics businesses from Excelitas Technologies Corp. for $710 million in cash. The deal includes Excelitas’ Optical Systems business, operating under the Qioptiq, An Excelitas Technologies Company brand in North Wales, UK, and the U.S.-based Advanced Electronic Systems business.
The acquisition is expected to positively impact Teledyne’s earnings per share, both on GAAP and non-GAAP bases, once transaction costs are excluded and is set to close in early 2025, pending regulatory approval.
??NASA’s $75.6 Billion Contribution to the U.S. Economy: 2023 Economic Impact Report on Job Creation, Innovation, and Industry Growth
NASA’s recent Economic Impact Study for Fiscal Year 2023 reveals substantial contributions to the U.S. economy, spanning job creation, tax revenues, and the growth of critical sectors like manufacturing, R&D, and climate technology. Conducted by the Nathalie P. Voorhees Center at the University of Illinois Chicago , this third agency-wide economic impact report quantifies NASA’s economic influence across multiple dimensions.
A Nationwide Impact on Jobs and Economic Output
In FY 2023, NASA’s activities contributed over $75.6 billion to the U.S. economy, generating 304,803 jobs across all 50 states and D.C. Each of these jobs averaged an annual income of approximately $90,547—24% higher than the national average. Tax revenues from NASA-supported employment amounted to $9.6 billion across federal, state, and local levels.
The Moon to Mars Initiative
NASA’s Moon to Mars (M2M) initiative stands as a flagship in this economic profile, responsible for $23.8 billion of the total economic output and generating nearly 100,000 jobs nationwide. This campaign integrates multiple American sectors, supporting innovations in areas such as spacecraft design, materials science, and software development. The M2M initiative alone generated $2.9 billion in annual tax revenues, benefiting both the national and state economies.
National Reach with Regional Benefits
NASA’s economic benefits touch every state, with 45 states each experiencing an economic impact of over $10 million. Among these, eight states benefit from NASA-driven economic outputs exceeding $1 billion. The most impacted states—California, Texas, and Florida—reflect the operational hubs of NASA’s research centers, the presence of private aerospace and technology contractors, and the density of high-tech manufacturing. Other states, including Alabama and Maryland, also see notable impacts due to significant NASA contracts.
Partnering for Technological Advancement
NASA’s collaborations include 644 international agreements and over 2,600 domestic and international partnerships, involving U.S.-based private companies, universities, and non-profits. This expansive network has become a catalyst for cross-industry innovations, particularly through the International Space Station (ISS) and partnerships for climate research, as NASA collaborates with multiple nations to tackle complex global issues.
Impact on R&D and the Private Sector
With nearly one-fifth of NASA’s overall impact concentrated in scientific R&D, the agency remains a significant player in advancing high-tech industries. This focus on research yields not only innovations in space exploration but also commercial spinoffs that extend NASA technology into diverse applications. In FY 2023, NASA documented 1,564 new technology reports and secured 69 patents, affirming its role in technology transfer and industry development. These patents pave the way for private sector applications in fields from telecommunications to renewable energy, enabling NASA’s innovations to benefit commercial entities and the public alike.
NASA’s FY 2023 Economic Impact Report underscores the agency’s role in driving economic value, workforce growth, and technological progress across the U.S. economy. From major programs like Moon to Mars to pioneering climate research, NASA’s projects provide unique opportunities for private-sector growth while advancing national and international interests in space and environmental resilience.
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Space Industry Quote of the Week ??
“The agency’s really open for engagement, [...] I haven’t always seen the agency act in that manner, so I think it’s a particularly special time for those outside of the agency to think about being a collaborator or sharing in the effort.”
- Jason Kessler , NASA’s Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) Program Executive discussing NASA - National Aeronautics and Space Administration ’s ongoing effort to prioritize technology needs across its mission areas, emphasizung a new openness to external collaboration.
Weekly Space News Roundup ??
GalaxEye has raised $10 million in Series A funding, with significant investment from MountTech Growth Fund - Kavachh , 印孚瑟斯 , Speciale Invest , Mela Ventures , ideaForge , and Samarthya Investment Advisors . The company plans to channel these funds toward commercializing its satellite offerings, ramping up research and development, and preparing for the anticipated 2025 launch of its first satellite. Co-founder Pranit Mehta outlined GalaxEye’s ambitious vision to deploy a network of five satellites, designed to capture any point on Earth within 24 hours.
Virgin Galactic has announced a new sales agreement to raise up to $300 million by offering shares of its common stock under an “at-the-market” program. The company plans to use the raised capital for fleet expansion and to cover general corporate expenses, including working capital and administrative needs. With ambitions to establish a sustainable pipeline for its spacecraft, Virgin Galactic is investing heavily in its next-generation fleet to support a regular cadence of space tourism flights.
Gilmour Space Technologies has secured Australia’s first orbital launch permit, which was issued by the Australian Space Agency under the Space (Launches & Returns) Act 2018. The permit is a critical step toward Gilmour’s upcoming Eris TestFlight1, which aims to be the first orbital test flight of an Australian-made rocket launched from Australian soil. The team is currently reviewing the permit’s conditions and will announce an official launch date in the coming weeks.
Branford Castle Partners, L.P. has acquired Hoffman Engineering, LLC. to strengthen its position in aerospace and defense. The deal was completed through an agreement with Trident Maritime Systems, the previous owner. While the financial terms of the transaction have not been disclosed, the move marks Branford Castle’s sixth platform investment under its Fund II, which closed in 2021.
Microgravity may accelerate brain cell growth, as shown by a study using neural organoids aboard the ISS, raising concerns about astronauts’ neurological health during extended space missions. Potential astronaut risks include rapid neural aging and altered responses to stimuli, suggesting the need for pre-mission screenings and real-time monitoring to manage cognitive health during space travel. Biomanufacturing in space may benefit, as accelerated cell maturation could expedite pharmaceutical testing and tissue engineering, creating new opportunities for space-based medical research and innovation.
The UK Space Agency has awarded Surrey Satellite Technology Ltd (SSTL) a ￡40 million contract to develop a new Earth observation satellite, Juno. The satellite is designed to strengthen the United Kingdom’s Intelligence, Surveillance, and Reconnaissance capabilities and support both military and civilian operations.
Juno, expected to launch in 2027, will be equipped with advanced daytime imaging sensors to gather crucial intelligence on the Earth’s surface.
ARKA Group, LP , a leader in remote sensing and cognitive software, has completed its acquisition of Maxar’s Radar and Sensor Technology group. This acquisition strategically aligns with ARKA’s mission to provide advanced, flexible intelligence tools that support the security needs of the United States and allied nations.
The acquisition positions RST within ARKA’s Advanced Communications and Mission Applications unit, which specializes in trusted data transport and mission management solutions.
Axiom Space has initiated talks with India’s space agency, ISRO - Indian Space Research Organization , and private Indian launch companies to explore future launch collaborations. These discussions, though preliminary, may lead to Axiom utilizing Indian rockets to transport materials for its space station as it develops.
With a recent influx of government support—marked by a 10 billion rupee ($120 million) venture fund to bolster space start-ups—India has signalled its readiness for private sector involvement.
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