“The aerospace industry is a cornerstone of our state’s economy, providing more than 250,000 jobs spread across nearly every community in Washington. The state’s aerospace tax incentives are used by more than 400 employers, helping them remain globally competitive and grow their businesses.
“The legislature extended the incentives less than two years ago to ensure Washington state continues to be an aerospace leader for decades to come. It was a bipartisan effort that received nearly unanimous support in both houses–unprecedented during this time of divided government, but also consistent with a long history of State support in this sector.
“The Chamber stands in support of the legislation passed in 2013 which secured the 777X manufacturing and production package. All parties worked hard together to achieve this package, a complex and time-consuming effort.
“The evidence shows the aerospace incentives are meeting the intent of the legislature. They are creating jobs that bring technology and manufacturing back to the U.S. and spurring our state’s economy via cutting edge aerospace manufacturing.
“A recent study, Aerospace Economic Impact Analysis by Community Attributes, found that in 2014, gross revenues tied to Washington aerospace, industry-wide, totaled nearly $59.5 billion (estimated), up from $52.7 billion in 2012. The cluster includes an additional more than $10.0 billion among aerospace related industries, for a total of $69.5 billion in revenues in the cluster.
“Changing the law will not only hurt aerospace companies—it harms all business here by undermining confidence that state government will honor its commitments. The most effective way to grow and maintain jobs is to honor our commitments to the aerospace industry and to continue to actively work on ways to maintain Washington state’s preeminent position in this sector.”
About The Seattle Metropolitan Chamber of Commerce
The Seattle Metropolitan (Seattle Metro) Chamber of Commerce is the largest and most diverse network of influential business leaders in the Puget Sound region. Founded in 1882 by local business leaders, the Chamber today is an independent organization of 2,200 businesses representing a regional workforce of approximately 700,000 people. For more info, visit www.seattlechamber.com.