boeing expansion highlights success of incentive programs
The aerospace industry continues its expansion in Oklahoma City, as Boeing recently held a ribbon-cutting at a new facility on its campus near Tinker Air Force Base. The $80 million, 290,000-square-foot engineering, research and development laboratory building will be the new headquarters for the company’s Global Services & Support Aircraft Modernization and Sustainment division. The expansion comes as Boeing celebrates its 100th birthday.
The addition of this facility will bring approximately 800 jobs to Oklahoma City, including skilled engineers who will work in highly secured labs, as well as several senior management positions and some support staff. Once these jobs are added, Boeing’s total employment in our area will be approximately 3,000 employees. Many employees and their families are relocating to Oklahoma City from several other states, including Washington, California and Kansas.
State and city economic development incentives were instrumental in the Boeing expansion, including the Aerospace Engineering Tax Credit and the city’s Strategic Investment Program. The Aerospace Engineering Tax Credit gives qualified engineers up to $5,000 in tax credits for up to five years and also includes tax credits for companies. The aerospace industry employs more than 120,000 people in the state.
The Strategic Investment Program provides incentives to Oklahoma City companies to create new jobs that meet average wage thresholds. Voters approved the $75 million program in 2007 to help bring high-quality, high-paying jobs to OKC, while keeping companies accountable for their performance. Of the $75 million dedicated to the program, $64.5 million has been allocated thus far.
To date, almost 3,300 new jobs have been created and $39.6 million has been paid to companies as a result. The taxable market value of the jobs created has been over $286 million.
Read the full article at The Journal Record.