Aerospace industry seen as key to Washington’s economic growth, new report says – Washington Examiner
A recent report by the Seattle Metropolitan Chamber of Commerce highlights the significant impact of the aerospace industry on Washington state’s economy. In the previous year, the industry produced over $71 billion in business revenues and $19.4 billion in labor income. It also contributed more than $580 million in tax revenues to the state, including $173 million from business and occupation taxes. Furthermore, in King County, spending by aerospace employees added nearly $270 million to the local economy. The report emphasizes that with approximately 77,400 aerospace workers statewide, predominantly employed by Boeing, the industry is a crucial driver of economic growth and community development in Washington.
Aerospace industry seen as key to Washington’s economic growth, new report says
(The Center Square) – A new report from the Seattle Metropolitan Chamber of Commerce finds that the aerospace industry is a key driver of economic growth in Washington state.
The aerospace industry generated more than $71 billion in business revenues and $19.4 billion in labor income last year, according to the report.
The report also found that the aerospace sector directly generated more than $580 million in tax revenues for the state, including $173 million in business and occupation taxes.
In King County alone, retail sales spending by aerospace workers generated just under an estimated $270 million for the local economy.
“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,” Seattle Metropolitan Chamber of Commerce CEO Rachel Smith said in a statement emailed to The Center Square. “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 vast majority of Washington’s aerospace industry impact is due to Boeing. Last year the company made up 80% of total jobs in the state’s aerospace industry and supported 82% of industrywide business revenues.
The report discovered that Boeing orders and unfilled orders reached a five-year peak in 2023, with 1,456 new orders. The number of unfilled orders, according to the report, shows confidence in the long-term outlook for the company and a recovery from the impacts of the COVID-19 pandemic. As of the end of June, Boeing’s official unfilled order total reached 6,156 planes.
“Washington’s aerospace industry, led by Boeing, has continued to recover from the COVID-19 pandemic with business revenues and employment growing from recent lows experienced in 2020 and 2021,” the report states.
The latest report serves as a follow-up to the Seattle Metro Chamber’s 2018 Aerospace Local and Regional Impacts report.
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