Analysis and commentary on economic news, trends and issues, with an emphasis on Seattle and the Northwest.
May 10, 2013 at 10:14 AM
Vote: Can Washington land the 777X?
Gov. Jay Inslee has unveiled the state’s Aerospace Industry Strategy. Among its chief goals, as the Seattle Times‘ Dominic Gates reports, is to attempt to do as much work here on the Boeing 777X as possible. We have the tools and we have the talent, as the old expression goes: One of the world’s top two aerospace industry clusters and 92,000 employees, including 86,000 working for Boeing. But achieving this is not assured. Boeing will pit state against state, particularly Washington against South Carolina, for the best package of tax breaks and other incentives.
It’s worth noting that earlier this month Raytheon announced it would move the headquarters of its Space and Airborne Systems unit from El Segundo, Calif., to the Dallas suburb of McKinney. Relatively few employees are involved, but the symbolism is large. Southern California’s aerospace and defense industries employed 272,000 in 1990. It lost 142,000 jobs over the next decade. According to LAEDC, the regional economic-development organization, LA County aerospace employment fell 69 percent from 1990 to 2o11 vs. a national decline of 44 percent (the numbers were 65 and 60 percent declines for Orange and San Diego counties respectively. Southern California aerospace employment was down to 85,700 by 2011.
What do you think?
Read on for the best links of the week and the haiku:
This Week’s Links:
• JPMorgan: A new type of dirty energy | Naked Capitalism
• The health-care ‘market’ is so not a market | Jared Bernstein
• Mergers and enforcement in 2012 | Conversable Economist
• Triumph of the mercantilists | Clyde Prestowitz
• How oil travels around the world, in one map | Washington Post
• Seven myths about Keynesian economics | The Fiscal Times
Today’s Econ Haiku:
The deficit’s down
As the economy climbs