Press Release

Promising outlook: New report highlights Washington’s aerospace industry as key driver for economic growth

SEATTLE – 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 as detailed in a new report by the Seattle Metropolitan Chamber of Commerce and Community Attributes, Inc.

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.

“The aerospace industry is a cornerstone of Washington’s economy and is growing as it recovers from industry-wide challenges,” said 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.”

The research shows the state’s large aerospace presence benefits local small businesses in significant ways. Aerospace employee spending supports local restaurants, retailers, consumer and health services, and much more.

“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.

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 healthcare 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 and see the one-page summary at www.seattlechamber.com.

About the Seattle Metropolitan Chamber of Commerce

The Seattle Metropolitan (Seattle Metro) Chamber of Commerce is the regional business advocacy organization that engages the innovation and entrepreneurship of its 2,500 members to promote inclusive economic prosperity. Founded in 1882 by local business leaders, the Chamber today is an independent organization representing a regional workforce of approximately 750,000. For more information, visit www.seattlechamber.com.

About the Aerospace Regional and Local Economic Impacts Report

This report leverages public data published by state and federal agencies, as well as proprietary information from The Boeing Company. Employment, wage, and establishment count data for aerospace and related industries were procured from the Washington State Employment Security Department and U.S. Bureau of Labor Statistics, while the Washington State Department of Revenue publishes data on gross business income. Input-output modeling tools published by the Washington State Office of Financial Management are used for economic impact computations. Custom data modeling provides estimates of the economic benefits of aerospace workers by select regions of Western Washington.

Media contact: Jillian Henze, APR
Cell: 425-785-6731
jillianh@www.seattlechamber.com