(The Center Square) – The aerospace industry is a key driver of economic growth in Washington state, according to a new report from the Seattle Metropolitan Chamber of Commerce.
The aerospace industry generated more than $71 billion in business revenue and $19.4 billion in labor income last year, according to the report.
The report also found that the aerospace sector directly generated more than $580 million in tax revenue for the state, including $173 million in business and occupation taxes.
In King County alone, retail spending by aerospace workers generates an estimated nearly $270 million for the local economy.
“There are 77,400 aerospace employees in the state, with more than 66,000 employed by Boeing. The aerospace industry generates more than $580 million in state tax revenue, money that is reinvested in local communities to improve the quality of life for Washingtonians,” Rachel Smith, CEO of the Seattle Metropolitan Chamber of Commerce, said in an emailed statement to The Center Square. “Our latest study demonstrates the undeniable economic value that the aerospace industry and its employees have on the prosperity of our region and state.”
Boeing makes up the bulk of Washington’s influence in the aerospace industry. Last year, the company accounted for 80 percent of all aerospace jobs in the state and drove 82 percent of the industry’s total business revenue.
Boeing’s orders and backlog hit a five-year high with 1,456 new orders for 2023, according to the report. The backlog signals confidence in the company’s long-term outlook and recovery from the impacts of the COVID-19 pandemic, according to the report. As of the end of June, Boeing’s official backlog total stood at 6,156 aircraft.
“Washington’s aerospace industry, led by Boeing, continues to recover from the COVID-19 pandemic, with business revenue and employment increasing from recent lows experienced in 2020 and 2021,” the report said.
This latest report serves as a follow-up to the Seattle Metro Chamber of Commerce’s 2018 report on the regional and local impact of the aerospace industry.
