Canadian aerospace revenue hit $22 billion in 2011

FARNBOROUGH, U.K.—Canada’s aerospace industry surged 6.7 per cent in 2011, reaching $22.4 billion.

The Aerospace Industries Association of Canada says aircraft and aircraft parts and components remained the largest revenue segment, totaling $11 billion&mdashl;49 per cent of overall revenue.

Canada has the world’s fifth-largest aerospace industry, employing more than 87,000 people directly.

Nearly three quarters of Canadian aerospace products are exported, with the U.S. accounting for almost 60 per cent of sales.

The association announced the results today at the Farnborough International Airshow in the U.K.