Boeing reports the company invested more than $13.5 billion in Washington in 2016, confirming the value the state and taxpayers receive from Boeing’s presence in the state. This is an increase from the $13 billion Boeing invested in Washington in 2015.
Boeing’s 2016 investment comprises billions of dollars for payroll, supplier purchases and capital investments in Washington. This includes significant expenditures tied to the new 777X facilities, a direct result of Washington’s aerospace incentives. It also includes hundreds of millions of dollars Boeing paid in state and local taxes, more than $32 million in community contributions and nearly $35 million in college tuition for Boeing employees in Washington. Nearly half of Boeing’s employees worldwide reside in Washington state.
As a result of these significant investments, Boeing reported $242 million in savings in 2016 via the Washington aerospace tax incentives. While these savings are significant, they are $63 million less than what was realized in 2015.
“The $13.5 billion Boeing spent in Washington last year reaffirms that the aerospace tax incentives are working as envisioned by our state leaders, whose goal was to make Washington more attractive and competitive for the industry,” said Bill McSherry, vice president of Government Operations, Boeing Commercial Airplanes. “Even as Boeing takes steps to maximize efficiency and minimize costs in an extremely competitive global market, we continue to invest in our future here.”