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New data has shed light on the economic benefit of Lockheed Martin Australia’s operations in South Australia.
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South Australian Premier Steven Marshall has announced findings from independent advisory firm AlphaBeta’s analysis of Lockheed Martin Australia’s contribution to the South Australian economy.
According to AlphaBeta, the prime’s business operations contributed $103 million to the South Australia’s gross state product in 2019 – $63 million from company operations, $27 million from supply chains, and $13 million from employee induced spending.
Lockheed Martin was also estimated to have supported a total of 1,232 jobs across the state over the same year, of which 465 were directly employed by the defence prime.
Other findings reported by AlphaBeta include:
- $61 million invested across 79 South Australian suppliers in 2019, of which 67 per cent were SMEs;
- $72 million generated and 760 jobs created from maritime capability programs (including destroyers, frigates and submarines);
- $11 million spent on South Australian regional businesses in 2019, supporting 66 jobs across several locations, including the Barossa Valley, Yorke Peninsula and Strathalbyn.
“With several hundred Lockheed Martin Australia employees calling South Australia home and working on key operations such as the Future Submarine Combat System and Aegis programs, this state has been critical to Lockheed Martin’s ability to enhance and protect Australia’s national security,” Lockheed Martin Australia chief executive Joe North said.
“I am extremely proud that we have been able to make such a significant contribution to South Australia’s economy and we look forward to working with our local partners in industry and academia to build sovereign capability in the region for many years to come.”
Premier Marshall thanked the prime for its contribution, which he expects to grow off the back of further Commonwealth government investment in Defence.
“I particularly commend Lockheed Martin for the great work they do for young South Australians and graduates getting their foot in the door in this great industry,” he added.
“Lockheed Martin employed 22 new graduates in Adelaide in earlier this year and have another 20 slated to commence in August this year.”
[Related: Lockheed Martin Australia/NZ appoints new CE]
