Lockheed F-35 Projected Cost Rises 1.9% to $398.6 Billion

The projected cost to develop and produce Lockheed Martin Corp.’s F-35 fighter, the Pentagon’s costliest weapons system, has risen 1.9 percent in the past year to $398.6 billion, according to estimates released today.

The $7.4 billion increase from $391.2 billion includes the aircraft and the engines produced by United Technologies Corp.’s Pratt & Whitney unit for an eventual fleet of 2,443 U.S. planes. At the same time, the Pentagon’s independent cost-assessment office said its estimate for operating and supporting the F-35 over its projected 55-year service life has declined $96.8 billion, or 8.7 percent, to $1.02 trillion from $1.11 trillion.