Boeing is asking for proposals for a new home to build its 777x passenger aircraft. This is a huge opportunity to create construction jobs building the new facilities, thousands of good manufacturing jobs, chances for small businesses to supply Boeing, solidify Boeing's presence in St. Louis, and generate new tax revenues for state and local governments.
Missouri is bidding on the entire operation. But, it could get a portion of it. Depending on what Boeing decides, construction could be worth $1 billion to $6 billion, and could create 2,000 to 8,000 good paying jobs. That makes it one of Missouri's biggest and rarest economic opportunities ever.
Missouri's proposal builds on Boeing's big presence in North County. We have the land, the skilled workforce, access to a major airport, and a positive track record with Boeing.
To be competitive. Missouri has to offer incentives. All of the state and local incentives would come from new Boeing tax revenue. Nothing from education, nothing that would preclude a tax cut. Nothing that would require cuts to existing tax credits programs.
According to the Jay Nixon administration, getting the entire plane would generate $4.6 billion in new tax revenue over 22 years. The state would use $1.7 billion of that as the incentives to get the project in the first place. So, the taxpayers would end up ahead.
If the state does nothing, it gets nothing. If Boeing does nothing, it gets nothing.
Boeing knows and likes St. Louis. They have had a great experience here.
We know Boeing. We know what they can do for an economy because they are already doing it in Missouri.
Just look at its footprint here.
Almost 15,000 people work for Boeing in Missouri. But, having a Boeing plant goes far beyond the actual workforce at the plant.
684 Missouri companies have $836 million worth of contracts with Boeing.
Since 2000, Boeing has invested $470 million in its St. Louis facilities.
It is Missouri's largest manufacturer and third largest employer.
We know what is at stake. We know what this company can add to a state's economy. We owe it to ourselves to take this seriously.