Boeing’s Economic Impact ‘Profound’

CHARLESTON, S.C. --

A new study says South Carolina's new Boeing Co. plant will mean about $6 billion a year to the state economy, once it's up and operating.

The study released Thursday was prepared by Dr. Harry Miley, a Columbia-based economist who was chief economic adviser for Gov. Carroll Campbell.

The Alliance for South Carolina's Future, a nonprofit that works for economic growth, was commissioned to conduct the study.

“The Alliance for South Carolina’s Future commissioned this study to put the Boeing project in historical perspective,” said Ed McMullen, co-founder of the Alliance. “We also wanted to quantify the effect Boeing will have on our state. By every measure, the effect is profound.”

The study finds that, during its first 30 years, the North Charleston plant will generate close to $3 billion in state tax revenues, much more than the cost of state incentives.

Last year, Boeing selected North Charleston for a $750 million aircraft assembly plant.

The manufacturing facility will have a $5.9 billion annual impact to the Charleston region, including more than 15,000 jobs that will be created as a result of the company’s impact. That number includes the 3,800 announced jobs that Boeing will create, along with thousands of spin-off jobs in other sectors of the economy.

“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.

The construction phase of the project is expected to have a major short-term impact as well with almost 9,900 direct and spin-off jobs, and a $1.4 billion impact to the region.

“The Alliance for South Carolina’s Future commissioned this study to put the Boeing project in historical perspective,” said Ed McMullen, co-founder of the Alliance. “We also wanted to quantify the effect Boeing will have on our state. By every measure, the effect is profound.”

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