Boeing: Locked And Loaded

By FITSNews || Sell globally, grow locally …

If that’s the recipe for success, then Thursday was a big day for Boeing and the State of South Carolina.  The aircraft manufacturer announced soaring global sales, while a new report trumpeted the potential economic impact of its soon-to-be-completed South Carolina manufacturing facility, which could begin producing 787 Dreamliners as early as next summer.

That’s a good thing, too, as Boeing’s chief executive announced Thursday that the company had “effectively sold out” of new commercial aircraft through 2012 and is looking at boosting production to meet the rising demand.  That increased production would include new Dreamliners.

Meanwhile, in Charleston, S.C., a new report from the state’s former chief economic advisor said that Boeing’s annual economic impact to South Carolina would be more than$6 billion a year.  The report – prepared by economist Harry Miley – also predicted that Boeing would create 15,000 permanent jobs in the Palmetto State, 3,800 direct jobs at its production facility and roughly 11,200 “spin-off” jobs.

That “spin off” estimate has been a key component in the ongoing debate over Boeing’s massive incentives package, which has been called a “$900 million bailout” for the aircraft manufacturer.

We’ve continued to reserve judgment on the Boeing deal – urging state lawmakers who doled out the incentives to keep their eye on the ball and provide similar tax breaks to all businesses as well as individual taxpayers.

We also would like to remind South Carolina policymakers that one major economic development announcement every two decades simply won’t cut it – particularly in a state that historically trails the rest of the nation in jobs and income levels irrespective of the status of the national or global economy.

WEB EXTRA
Boeing Economic Impact Study