SEATTLE, July 25,
2024 /PRNewswire/ -- 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.
The new report includes an industry overview, which explores
current industry conditions, quantifies economic and fiscal
impacts, and highlights community impact data as well as what's on
the horizon.
You can read the new report and see the one-page summary at
seattlechamber.com.
Media Contact:
Jillian Henze
425-785-6731
380905@email4pr.com
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SOURCE Seattle Metropolitan
Chamber of Commerce