Editorial: "State incentives were wisely spent on Boeing"

The May 25th, 2010 edition of The Greenville News features an editorial entitled "State incentives were wisely spent on Boeing."

Nexsen Pruet's economic development team played a key role in the negotiations between The Boeing Company and the State of South Carolina.

The editorial begins:

Boeing’s new manufacturing facility in North Charleston is well worth the state’s investment in the project and, like the Upstate’s BMW Manufacturing plant, will reap benefits for the entire state.

There’s no disputing that South Carolina made a heavy investment to bring Boeing here. But according to data in a study conducted for a nonprofit group that promotes economic development in South Carolina, there’s every reason to believe that investment will be paid back several fold in tax revenue, jobs and capital investment.

According to the study the Boeing 787 plant in North Charleston could add $6.1 billion a year to the state’s economy. Over the first 30 years of operation, Boeing will generate almost $2.76 billion in tax revenue in the state. That far exceeds the cost of incentives that were given to Boeing.

                                                                                 Greenville News

Led by Leighton Lord and Billy Wilkins, the firm’s Economic Development team, including Ric Tapp, Burnie Maybank and Stephanie Eames worked with Boeing officials to negotiate the incentives package approved by the South Carolina legislature.