Aerospace Local and Regional Impacts
The report and what is key .
The aerospace impact in the region is massive . The deep reservoir of the economy is fed by the aerospace industry , generating in 2023 “$ 71 billion in business revenues , supported 194,000 jobs and returned $ 19.4 billion in income to Washington employees ,” according to the press page on www . seattlechamber . com .
Ongoing business and re-investment into the economy from every aerospace employee and the service-providing industry continue to feed the beast . In other words , Western Washington , and beyond , across the state of Washington and into the rest of the Pacific Northwest , relies on commercial airplane orders . The stats say , “ 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 .”
The report is impactful , and Smith said it came about through various partners , including Boeing , “ It is hard to overstate the impact of Boeing . The effect is huge : $ 70 billion in business revenues , 200,000 jobs in total , 77,000 directly , $ 20 billion in labor income , and money going to the state in tax revenue for services daily . I think and talk about the notation of good jobs : taking care of families , paying taxes , contributing revenue , and giving back to the community .” She reflected upon the volunteering and charitable contributions borne of the aerospace industry , “ These good jobs amplify the companies ’ community impact personally and more broadly .”
The 777-9 in flight
Aerospace Local and Regional Impacts
2024 Report At-A-Glance
BIG PICTURE ECONOMIC IMPACT
In 2023 , the aerospace industry directly generated
$ 57.2B
in business revenue
TAXES PAID
77,400 $ 11.3B
jobs in worker wages
In 2023 , the total aerospace industry economic impacts were
$ 71B
in revenue for WA businesses
194,000 $ 19.4B
jobs in worker wages
Boeing plays a significant role in the overall economic impact of the Washington aerospace industry . In 2023 , Boeing supported
82 % of industrywide business revenues , 80 % of total jobs , and
77 % of total worker wages generated by the aerospace industry
In 2023 , aerospace directly generated more than $ 580 million in tax revenues for the state of Washington , including $ 173 million in B & O taxes to the state .
GIVING BACK TO COMMUNITY
$ 44M
200,000 +
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in charitable giving by Boeing and its Washington employees in 2023 .
hours donated by Boeing ’ s Washington employees to charitable causes .
SPILLOVER EFFECT
Nearly $ 36.5 million on automobile purchases by aerospace workers in Lynnwood-Everett , equivalent to 1,160 cars sold , or the combined sales of four dealerships in the area .
Aerospace employees were responsible for an estimated 2.4 % of all restaurant sales in Auburn-Renton region , directly supporting 420 restaurant jobs or the equivalent of 35 restaurants .
Spending on health care in Lynnwood-Everett region was $ 147.7 million , supporting 680 health care positions or the equivalent of 35 clinics .
Retail sales in the Seattle and Eastside region were nearly $ 270 million , sustaining 1 million square feet of retail space in the region .
INVESTING IN LOCAL WORKFORCE
Boeing ’ s Workforce Development program engages with 200 high school career and technical education programs , community and technical colleges , military programs , and public career skills programs .
Boeing has hired more than 1,000 Core Plus Aerospace program participants directly out of high school . It is estimated these participants collectively earn about $ 100 million in salary and benefits annually .
Boeing spent nearly $ 30 million in 2023 through its Learning Together Program to support more than 4,200 employees located in Washington in pursuing post-secondary education .
OCTOBER | NOVEMBER 2024 ISSUE NO . 41 35