Lockheed F-35 Cost Estimate by U.S. Increases 9% in

Lockheed F-35 Cost Estimate by U.S. Increases 9% in Year

Lockheed Martin Corp. (LMT) (LMT )’s F-35 fighter jet, the U.S. military’s most expensive weapons program, will cost $1.51 trillion, a 9 percent increase from the estimate a year ago, according to Pentagon officials.

The program’s projected “life cycle cost” -- including development since 1994, production of 2,443 jets and 55 years of support -- increased from $1.38 trillion in 2010, the officials said today in a briefing for reporters.

“Any cost growth, given our mandate to drive cost out of the program, is not optimal, but from the standpoint of just percentages, it’s not a significant amount from one year to the next,” Major General John Thompson, the deputy F-35 program manager, said.

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