As the global space economy picks up steam and the US lags behind, business leaders should take action

The United States is in a heated race for commercial space with China, and early signs are that we’re losing — and residents of South Florida should take note, along with the rest of the country. The impact on key sectors like technology, education, healthcare and the business community in general, not to mention our global leadership positioning, will be significant unless we all work together to raise awareness and encourage our leaders to take the right steps , before this happens late. Below are some lessons learned and practical guidance based on our experience in the booming global space economy, projected to reach $3 trillion by 2040.

First, some background: While US policymakers debate the preferred state for a Department of Defense headquarters, China is pushing ahead with its commercial space ambitions. China’s acceleration in the commercial space industry will be demonstrated by LandSpace’s successful July 12 launch of a methane-liquid oxygen rocket. The company beat US competitors, including Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin, in the race to launch refueled launch vehicles with methane, which is considered less polluting, safer, cheaper and a suitable fuel in a reusable rocket . The impact of China’s major methane-powered rocket is not only technologically impressive, but also has huge economic implications for the commercial space industry. The Space Foundation’s July 25 report for the second quarter of 2023 shows annual growth in the global space economy of $564 billion, with conservative estimates of $800 billion over the next five years. The United States will stifle space innovation if it fails to distinguish between commercial and government roles in this industry transition.