{"id":2310117,"date":"2024-07-27T10:30:58","date_gmt":"2024-07-27T14:30:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2310117"},"modified":"2024-07-27T10:39:07","modified_gmt":"2024-07-27T14:39:07","slug":"aerospace-industry-seen-as-key-to-washingtons-economic-growth-new-report-says-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aerospace-industry-seen-as-key-to-washingtons-economic-growth-new-report-says-washington-examiner\/","title":{"rendered":"Aerospace industry seen as key to Washington\u2019s economic growth, new report says &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Faerospace-industry-seen-as-key-to-washingtons-economic-growth-new-report-says-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2310117&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A\u2064 recent report by \u2064the Seattle Metropolitan Chamber of Commerce highlights \u2064the significant impact of \u2064the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/im-going-to-be-a-rocket-man-star-treks-william-shatner-is-going-to-space\/\" title=\"\u2018I\u2019m Going To Be A Rocket Man!\u2019 Star Trek\u2019s William Shatner Is Going To Space\">aerospace industry<\/a> on Washington state&#8217;s economy. In \u2063the previous year, the\u200b industry \u200bproduced over $71 billion in business \u2062revenues and $19.4 billion in labor income. It also \u200dcontributed more than $580 \u200bmillion\u200d in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-budget-deficit-tops-1-6-trillion-amid-lower-tax-revenue-higher-spending\/\" title=\"US budget deficit exceeds .6 trillion due to reduced taxes and increased spending.\">tax \u200drevenues<\/a> to the\u2063 state, including $173 million \u2062from business and occupation taxes. Furthermore, \u200din King County, spending by aerospace employees added nearly\u2062 $270 million to the local economy. The report emphasizes that with approximately 77,400 aerospace\u200c workers statewide, predominantly employed by Boeing, the industry is\u200d a crucial\u200d driver of economic \u200cgrowth and community development in Washington.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Aerospace industry seen as key to Washington&rsquo;s economic growth, new report says<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1714758\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; A new report from the Seattle Metropolitan Chamber of Commerce finds that the aerospace industry is a key driver of economic growth in Washington state.<\/p>\n<p>The aerospace industry generated more than $71 billion in business revenues and $19.4 billion in labor income last year, according to the report.&nbsp;<\/p>\n<p>The&nbsp;<a href=\"https:\/\/www.seattlechamber.com\/clientuploads\/Documents\/Advocacy%20Documents\/CAI.Seattle_Chamber_Aerospace_Impacts.2024_0725.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>report<\/strong><\/a>&nbsp;also found that the aerospace sector directly generated more than $580 million in tax revenues for the state, including $173 million in business and occupation taxes.<\/p>\n<p>In King County alone, retail sales spending by aerospace workers generated just under an estimated $270 million for the local economy.&nbsp;<\/p>\n<p>&ldquo;With 77,400 aerospace employees in the state, over 66,000 at Boeing, aerospace generates more than $580 million in state tax revenue &ndash; money that is reinvested into communities to improve the quality of life for Washington residents,&rdquo; Seattle Metropolitan Chamber of Commerce CEO Rachel Smith said in a statement emailed to The Center Square. &ldquo;Our latest research demonstrates the undeniable economic value of the aerospace industry and its employees in the prosperity of our region and our state.&rdquo;<\/p>\n<p>The vast majority of Washington&rsquo;s aerospace industry impact is due to Boeing. Last year the company made up 80% of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/florida-has-the-fastest-job-growth-rate-in-the-nation-significantly-faster-than-national-average\/\" title=\"Florida Has The Fastest Job Growth Rate In The Nation, Significantly Faster Than National Average\">total jobs<\/a> in the state&rsquo;s aerospace industry and supported 82% of industrywide business revenues.<\/p>\n<p>The report discovered that Boeing orders and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factory-order-growth-slowed-in-september-amid-supply-chain-chaos\/\" title=\"Factory Order Growth Slowed in September Amid Supply Chain Chaos\">unfilled orders<\/a> reached a five-year peak in 2023, with 1,456 new orders. The number of unfilled orders, according to the report, shows confidence in the long-term outlook for the company and a recovery from the impacts of the COVID-19 pandemic. As of the end of June, Boeing&rsquo;s official unfilled order total reached 6,156 planes.&nbsp;<\/p>\n<p>&ldquo;Washington&rsquo;s aerospace industry, led by Boeing, has continued to recover from the COVID-19 pandemic with business revenues and employment growing from recent lows experienced in 2020 and 2021,&rdquo; the report states.<\/p>\n<p>The latest report serves as a follow-up to the Seattle Metro Chamber&rsquo;s 2018 Aerospace Local and Regional Impacts report.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1714758\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1714758\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent report by the Seattle Metropolitan Chamber of Commerce highlights the aerospace sector as a crucial contributor to Washington state&#8217;s economic development. According to the findings, this industry produced over $71 billion in business revenues and $19.4 billion in labor income last year. Additionally, it directly contributed more than $580 million in tax revenue for the state, which includes $173 million from business and occupation taxes. In King County alone, spending by aerospace employees accounted for nearly $270 million in local economic activity.<\/p>\n<p>Rachel Smith, CEO of the Seattle Metropolitan Chamber of Commerce, emphasized that with 77,400 aerospace workers statewide\u2014over 66,000 at Boeing\u2014the sector generates significant tax revenue that benefits communities and enhances residents&#8217; quality of life. The report underscores the substantial economic impact of both the aerospace industry and its workforce on regional prosperity.<\/p>\n<p>Boeing plays a dominant role in Washington&#8217;s aerospace landscape; last year it represented 80% of jobs within this sector and was responsible for 82% of overall business revenues. The report noted that Boeing&#8217;s orders reached a five-year high in 2023 with 1,456 new orders placed. The backlog indicates strong confidence in Boeing\u2019s future prospects as it recovers from COVID-19 disruptions; by June&#8217;s end, there were officially 6,156 unfilled orders.<\/p>\n<p>The report concludes that Washington\u2019s aerospace industry is on an upward trajectory post-pandemic regarding both employment and revenue growth compared to lows experienced during 2020 and 2021. This latest analysis builds upon findings from a previous Aerospace Local and Regional Impacts report published by the Seattle Metro Chamber in 2018<\/p>\n","protected":false},"author":1,"featured_media":2310121,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/03\/AP24014160536170-1-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[33524,36446,4086],"class_list":["post-2310117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-aerospace","tag-economic-growth","tag-washington"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/03\/AP24014160536170-1-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2310117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2310117"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2310117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2310121"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2310117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2310117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2310117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}