Promising Outlook: Washington’s Aerospace Industry Poised to Propel Economic Growth
In the heart of the Pacific Northwest, Washington state’s aerospace industry stands as a cornerstone of economic strength. A recent report by the Seattle Metropolitan Chamber of Commerce and Community Attributes, Inc. sheds light on the remarkable contributions of this sector, underscoring its pivotal role in driving the state’s economic growth. The 2023 report reveals a recovery trajectory post-pandemic, with the industry generating over $71 billion in business revenues, supporting 194,000 jobs, and delivering $19.4 billion in income to Washington employees.
Above: Image from the Seattle Metropolitan Chamber of Commerce and Community Attributes, Inc. Aerospace Community Impact Report
Boeing’s Success Key to Recovery
The report shows that Boeing is a key driver, being responsible for about 80 percent of the region’s recovering aerospace sector. The company recorded a five-year peak in 2023 with 1,456 new airplane orders. As of June 30, 2024, Boeing’s unfilled order total stands at 6,156 airplanes, promising years of work ahead for its employees and suppliers.
By focusing on safety, quality and predictability, Boeing and its employees can deliver on customer commitments and help drive economic prosperity across the local aerospace community and the neighborhoods where we live and work.
“The aerospace industry is the cornerstone of Washington's economy and is growing as it recovers from industry-wide challenges,” remarked 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.”
Community Impact: Beyond the Numbers
The ripple effects of the aerospace industry’s success extend far beyond corporate revenues. Local small businesses thrive on the patronage of aerospace employees, whose spending fuels diverse sectors such as retail, healthcare, and dining. In the Lynnwood-Everett region alone, aerospace workers spent nearly $36.5 million on automobile purchases, equivalent to the combined sales at approximately four dealerships.
“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. His words echo the sentiments of many local business owners who recognize the aerospace sector as a pillar of stability and growth.
Aerospace and Philanthropy: A Commitment to Community
Beyond economic contributions, Boeing and its employees are committed to giving back. Charitable donations in Washington totaled $43.9 million, reflecting a deep-seated culture of corporate social responsibility. Additionally, Boeing’s Learning Together Program invested nearly $30 million to support over 4,200 Washington state workers in pursuing post-secondary education, illustrating the company’s dedication to employee development and community enrichment.
Looking Ahead: The Future of Washington’s Aerospace Industry
The 2024 report provides a comprehensive overview of the current industry landscape, quantifying economic and fiscal impacts while spotlighting the community benefits. Key data points include the $270 million spent by aerospace workers on retail sales in the Seattle and Eastside region, supporting over 1,000,000 square feet of retail space. In the Auburn-Renton region, aerospace employees were responsible for 2.4% of all restaurant sales, directly supporting 420 restaurant jobs.
As Washington’s aerospace industry continues its upward trajectory, the state stands to benefit immensely from its growth. The sector’s recovery enriches the community through job creation, local business support, and philanthropic efforts. The future of Washington’s aerospace industry is propelled by the commitment of its employees and the enduring legacy of innovation and excellence.
You can find the detailed report here.
