Promising outlook: New report highlights Washington’s aerospace industry as key driver for economic growth
Photo: Boeing
SEATTLE, July 29, 2024 – The aerospace industry in Washington state in 2023 generated more than $71 billion in business revenues, supported 194,000 jobs and returned $19.4 billion in income to Washington employees as detailed in a new report by the Seattle Metropolitan Chamber of Commerce and Community Attributes, Inc.
The industry is on a path to recovery with a five-year peak in 2023 of 1,456 new Boeing airplane orders and, as of June 30, 2024, an official unfilled order of 6,156 airplanes will provide years of work ahead for Boeing employees and its suppliers.
A follow-up to the Seattle Metro Chamber’s 2018 Aerospace Local and Regional Impacts report, the 2024 research shows the impacts of the pandemic were far-reaching for the industry and supply chain. A changed workforce and global supply chain disruptions challenged productivity, and a serious incident in early 2024 affected industrywide performance.
“The aerospace industry is a cornerstone of Washington's economy and is growing as it recovers from industry-wide challenges,” said Rachel Smith, president and CEO of the Chamber. “With 77,400 aerospace employees in the state, over 66,000 at Boeing, aerospace generates more than $580 million in state tax revenue – money that is reinvested into communities to improve the quality of life for Washington residents. Our latest research demonstrates the undeniable economic value of the aerospace industry and its employees in the prosperity of our region and our state.”
The research shows the state’s large aerospace presence benefits local small businesses in significant ways. Aerospace employee spending supports local restaurants, retailers, consumer and health services and much more.
“We have peers across the country in other markets that don’t have the confidence in jobs and in employment that we do because of our confidence in the aerospace industry,” said Tom Lane, CEO of Dwayne Lane's Auto Family.
Industry expansion at the end of 2023 and early 2024, brings current aerospace jobs to a projected 81,800 jobs year-to-date.
Full report: https://bit.ly/3WiFQU4
Summary: https://bit.ly/4d7EEK6
