Space Foundation: Global space economy grew by 9% compared to last year

Capitalism in space: According to its annual report, the Space Foundation has determined that the global space economy grew by 9% in 2021, totaling almost half a trillion dollars total.

Most of the money generated by the space industry came in the commercial sector, which saw a 6.4% boost in revenues, with more than $224 billion coming from products and services delivered by space firms and nearly $138 billion spent on infrastructure and support for commercial space enterprises.

The report also found a 19% increase in government spending on both military and civilian space projects, with India, China, and the U.S. leading the way.

Because of the shift to a competitive and independent space industry in the U.S. the government is also now getting a lot more bang for buck. The increased funding is not simply funding pork on the ground, it is actually producing results in space, and doing so more efficiently.