The site hosts a 50-acre , 386,000-square foot facility in Spokane , and will transform into an applied research , workforce training , and production facility where research conducted by academic and industry experts contributes directly to new composite materials components built on site for global customers . The refurbished facility will be supported by a network of workforce development training centers located across the region , enhancing job creation and investment across aerospace manufacturing .
The 31 Tech Hubs announced by the EDA were selected from 198 applications from regional consortia of economic development , industry , academia , and workforce partners . A neighboring Pacific Northwest Mass Timber Tech Hub proposal , led by Oregon State University , was also among those designated . Through a memorandum of understanding between OSU and Washington State University , Washington ’ s legacy timber industry also stands to potentially benefit from the advancement of this regional work in sustainable forest products ’ innovation and manufacturing . Funding for the Tech Hub program came from the U . S . CHIPS and Science Act .
Inflation Reduction Act
Washington State businesses and residents are eligible for energy-related savings through the Inflation Reduction Act ( IRA ), which was passed by the federal government in 2022 . The IRA will provide $ 370 billion in funding for clean energy and environmental justice initiatives nationwide , representing the largest investment in climate action by the U . S . government .
A significant portion of IRA funding includes tax credits and rebates for businesses and residents ( homeowners and renters ) to make energy efficiency upgrades to their homes or buildings , or
44 NORTHWEST AEROSPACE NEWS purchase clean energy equipment like solar panels , electric vehicles ( EVs ), and heat pumps . IRA incentives are set to be offered through 2032 , providing ample time and opportunity for Washingtonians to plan for and take advantage of IRA savings to make the switch to EVs , heat pumps , and other low-carbon technologies . Many of the IRA incentives can be combined with Washington ’ s tax credits or rebates to maximize savings . The infusion of IRA money will accelerate Washington ’ s transition into a carbon-free economy .
Wrapping Up
It is no secret that the U . S . federal government plays an important role in statewide economic development . Federal funds flow to Washington ’ s rivers , roads , power grid , communities and businesses , supporting the economic output of the state . Washington State ’ s gross domestic product ( GDP ) in 2022 exceeded $ 725.5 billion dollars and is forecasted to climb above $ 760 billion dollars in 2023 , which would put it in the top 40 countries ( yes , you read that correctly ).
With the influx of once-in-a-generation federal support via the Inflation Reduction Act , CHIPS and Science Act , and other sources , Washington State ’ s economy will soar even higher .
Transitioning to upcoming aerospace events
The aerospace and defense industry is set to take center stage in 2024 with a series of pivotal events that promise to shape the future of this dynamic sector . Kicking off the calendar is the Aerospace and Defense Supplier Summit , scheduled for March 12-14 . This summit provides a unique platform for suppliers , manufacturers , and industry leaders to collaborate and explore innovative solutions . With a focus on networking and forging new partnerships , this event is crucial for businesses aiming to expand their global footprint . The summit ’ s significance lies in its ability to foster international collaborations , opening doors for the growth of exporting businesses in the aerospace and defense supply chain .
Following closely on its heels is the Aircraft Interiors Expo , scheduled for May 28-30 .