Slightly different situation in Aus. Aerospace/aeronautical degrees (especially double degrees) require very high ENTER scores so no problem getting high school students interested. New aero eng courses have started up recently.
Most aero eng graduates will not get a job in the aerospace industry - those that do, many will go overseas to do so.
i.e. we're in a good position to take advantage of that general worldwide shortage.
As for that statement
cyclical nature of the aerospace sector has passed into the realms of urban legend and is now much reduced
- it is still a significant factor for those at the bottom of the food chain.
For info:
http://www.innovation.gov.au/Industr...stryForum.aspx