Boeing impact to be more than $6B a year, study says

The Charleston Regional business journal reported on May 20 that Boeing will have an impact of more than $6B a year. The following is reprinted from their website:

The Boeing Co. will add $6.1 billion to South Carolina’s economy each year and tack on nearly $3 billion to state tax revenues over three decades, according to a study released this morning by a Columbia-based nonprofit.

Miley & Associates Inc. conducted the study for the Alliance for South Carolina’s Future, a Columbia-based organization for which the stated mission is to promote economic growth in South Carolina.

The study, led by economist Harry Miley, the chief economic adviser for former S.C. Gov. Carroll Campbell, found that Charleston would receive the greatest yearly benefit, with the manufacturing facility having a $5.9 billion annual impact on the region, including more than 15,000 jobs that will be created as a result of the company.

Jobs now, jobs later
The study assumes that Boeing will create 3,800 jobs at its final assembly and delivery facility, which was the number of jobs state economic incentives were based on. The company has not released the total number of jobs its operations will employ in the state. The impact also includes thousands of spinoff jobs in other sectors of the economy, the study said.

“These impacts will begin to occur immediately once the facility is operational and will continue for the entire life of the facility,” according to the study.

By Daniel Brock
Published May 20, 2010