Space could be the next frontier for economic growth in Ontario and the Alberta province as a whole. Recent investments toward innovation in the aerospace industry are starting to pay off for manufacturers, who could be the next drivers of economic and job growth in Canada.
A marriage of industry and academia
Organizations from the fields of industry and academia are working together to bolster innovation in the aerospace industry, Canadian Manufacturing reported. The Ontario Centres of Excellence (OCE) and the Ontario Aerospace Council (OAC) are teaming up with the recently founded Consortium for Aerospace Research and Innovation in Canada (CARIC) to develop and implement a collaborative effort between academia and manufacturing for the purpose of fostering innovation in the nascent Canadian aerospace sector.
"It is good to see these three organizations coming together to make Ontario's aerospace sector even more successful. By bringing together industry and academia, the sky could well be the limit in terms of potential outcomes for the sector and for Ontario's economy," said Research and Innovation Minister Reza Moridi in a statement released by the OCE.
By encouraging the sharing of resources and funding amongst both universities and aerospace manufacturers, members of the partnership hope to ensure that the Canadian aerospace industry stays competitive on a global scale. This can only be done through a unified effort between research and development and operations.
Aerospace already taking off
The partnership will surely only add momentum to an Ontario aerospace industry that is already starting to take off.
The Edmonton Journal reported that Magellan Aerospace, a small Ontario-based manufacturer of component parts for the aerospace industry is quickly becoming a major player in the region's aerospace sector. The Journal noted that Magellan's shares have shot up 47 percent in their value this year, with the stock more than quadrupling in value since the end of 2012. It closed at $12.50 on the Toronto Stock Exchange this Monday.
Some analysts believe that as Canada works to reduce its economic dependence on commodities, growth in other sectors like aerospace will fill the economic vacuum, creating jobs and becoming a key player in the Canadian industrial landscape. Already, Alberta is regaining some of its sway as an economic center, and the Edmonton Journal believes that Ontario, as a leader within the province, will start aiming higher and higher to keep jobs and economic growth in the province.