HomeMy WebLinkAbout072524 email - From the CEO_ New report highlights WA’s aerospace industry as key driver for economic growthALERT: BE CAUTIOUS This email originated outside the organization. Do not open attachments or click on links if you are not expecting them.
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To our elected officials and government partners,
The aerospace industry, with Boeing and its supply chain at its epicenter, remains a cornerstone of Washington state’s economy, according to a new report <https://post.spmailtechnol.com/f/a/HA_enylHD
1lIcLmhej7ueg~~/AATb5wA~/RgRohQp1P0QWaHR0cHM6Ly9iaXQubHkvM1dpRlFVNFcDc3BjQgpmnnaFoma49mTaUhtqZWZmYm9jY0Bjby5qZWZmZXJzb24ud2EudXNYBAAAAAE~> from the Seattle Metropolitan Chamber of Commerce
released today. As a Washington leader, we know you will find this report informative and encourage you to share it with others in your community.
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
and has a promising outlook.
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.
Aerospace is a foundational industry of Washington's economy and is growing as it recovers from industry-wide challenges. 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.
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.
Key 2023 impact data includes:
* Total economic impacts generated by the aerospace industry in 2023 included more than $71 billion in Washington business revenues and $19.4 billion in labor income.
* Aerospace workers in the Lynnwood-Everett region spent nearly $36.5 million on automobile purchases, equivalent to 1,160 cars sold, or the combined sales at approximately four dealerships
in the area.
* In the Auburn-Renton region, aerospace workers were responsible for an estimated 2.4% of all restaurant sales, directly supporting 420 restaurant jobs or the equivalent of 35 restaurants.
* Aerospace workers in the Lynnwood-Everett region spent more than $147.7 million on health care, supporting 680 health care jobs and the equivalent of 35 clinics.
* Retail sales spending by aerospace workers in the Seattle and Eastside region was just shy of an estimated $270 million, which sustained more than 1 million square feet of retail space
in the region.
* Charitable giving by Boeing and its employees in Washington totaled $43.9 million.
* Boeing provided nearly $30 million through its Learning Together Program to support more than 4,200 Washington state employees pursuing post-secondary education.
You can read the new report <https://post.spmailtechnol.com/f/a/HA_enylHD1lIcLmhej7ueg~~/AATb5wA~/RgRohQp1P0QWaHR0cHM6Ly9iaXQubHkvM1dpRlFVNFcDc3BjQgpmnnaFoma49mTaUhtqZWZmYm9jY0Bjby5qZWZmZXJzb24ud2Eud
XNYBAAAAAE~> and see the one-page summary <https://post.spmailtechnol.com/f/a/qCDpYKOmJJTsUgKdXqzfpg~~/AATb5wA~/RgRohQp1P0QWaHR0cHM6Ly9iaXQubHkvNGQ3RUVLNlcDc3BjQgpmnnaFoma49mTaUhtqZWZmYm9jY0Bjby5qZW
ZmZXJzb24ud2EudXNYBAAAAAE~> at seattlechamber.com.
With positivity and appreciation,
Rachel Smith
President and CEO
Seattle Metropolitan Chamber of Commerce
rachels@seattlechamber.com <mailto:rachels@seattlechamber.com>
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Seattle Metropolitan Chamber of Commerce
1301 5th Ave., Suite 1500
Seattle, WA 98101
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