Boeing contributes more than $2.7 billion annually to Alabama’s economic growth and development, according to a study commissioned by the company.
This year marks Boeing’s 60th year in Alabama. From the Saturn V rocket and moon missions, to developing the systems that protect the U.S. homeland and its allies, Boeing has deep roots in the Yellowhammer State. With approximately 3,039 employees, Boeing is the largest aerospace company in Alabama.
Boeing partnered with the University of Alabama’s Culverhouse College of Commerce and Business Administration to conduct a full-scale economic impact study across the state in 2021. The findings show the critical role Boeing played to grow a vital and vibrant defense and space industry and a highly skilled, high value Alabama workforce.
Highlights from the report include:
- In 2021, Boeing’s economic output was $2.731 billion of which $663.2 million represents earnings for 9,402 direct and indirect jobs.
- That year, earnings generated $61.5 million in tax revenue, including $35 million in state and $26.5 million in local taxes. The state’s revenues comprised $21.8 million individual income tax, $11.4 million sales tax, and $1.8 million property tax. Local county and municipality revenues came from $14.2 million sales tax and about $12.3 million property tax.
- The company also made in-state, non-payroll purchases and expenditures of $979.1 million bringing the company’s total in-state expenditure to approximately $1.3 billion.
- In addition to the significant economic impact Boeing provides to Alabama, the company also contributes significantly to community and workforce development in the state, including $2.9 million in business contributions and charitable grants in 2021.
In recognition for Boeing’s 60th anniversary in Alabama, the company awarded two $60,000 grants. The recipients of these grants were the Boys and Girls Club’s STEM programs and the Huntsville/Madison County Chamber Foundation’s Hiring Our Heroes program.