Study: Boeing impact will top $6 Billion a year
Thu, 20 May 2010 15:19:34 GMT —
COLUMBIA (WACH) " The economic impact of Boeing TMs planned 787 Dreamliner facility in the Lowcountry will exceed $6 Billion a year, according to a new study.
The report released Thursday was compiled by Harry Miley. The Columbia economist was chief economic adviser to the late Gov. Carroll Campbell.
The manufacturing facility will also create 15,000 jobs according to the report. Those jobs include the 3,800 jobs Boeing will create, as well as spinoff jobs from other companies doing business with Boeing.
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.
Some groups have criticized the incentives for Boeing as a "bailout" for the Chicago-based company, but the report concludes that over the length of the state TMs bond issue Boeing will generate more than $2.75 billion in state tax revenues, which is greater than the cost of incentives.
Last year Boeing selected North Charleston for a $750 million aircraft assembly plant.
The study was commissioned by the Alliance for South Carolina's Future, a nonprofit that works for economic growth.
Boeing expects the 1.2 million square-foot North Charleston plant to open by July 2011.