Boeing tax incentives and taxes paid reflect recovery
Boeing filed required paperwork with the state of Washington this week reporting the value of the state’s aerospace tax incentives to Boeing in 2022.
While Boeing received $86 million in tax incentives in Washington in 2022, the company contributed more than $200 million to Washington’s economy through state and local taxes. Additionally, employment increased by nearly 8% in the state as the company and broader aerospace industry gained strength.
“Boeing employment in Washington grew by almost 4,500 teammates last year,” said Bill McSherry, vice president of Government Operations. “Demand for our products is increasing and we continue to hire and invest in the state to create a long-term future for our teammates, our industry and community.”
Our growing employee base helped deliver for our customers and set the company on the path to restoring operational strength in 2022. Those efforts were recognized through Boeing’s annual incentive plans, which paid roughly $513M to more than 64,000 eligible Washington employees in March of this year.
Washington teammates help deliver a large economic impact, including through charitable giving. Boeing, its employees and retirees together contribute nearly $50 million to Washington community organizations each year.
“While Boeing is best known for our products and people, we are also keenly focused on improving the communities where our employees live and work,” said McSherry.
Boeing’s economic impact stretches beyond its own employees too. The company is proud to work with businesses throughout Washington to create additional jobs and economic opportunities. In 2022, Boeing spent more than $2.25 billion with more than 1,000 suppliers across the state and contributed to an estimated 205,000 direct and indirect jobs.