by James A. Bacon
The Boeing Company’s decision to transfer its official headquarters location from Chicago, Ill., to Arlington gives Virginia significant bragging rights. The move will have little detectable short-term economic impact. The more consequential news is a promise to “develop a research & technology hub” in the area “to harness and attract engineering and technical capabilities.”
Plans at this point are vague. I’m guessing a big winner will be Virginia Tech, which last year unveiled a $248 million project to replace Randolph Hall, which houses the aerospace engineering department. Randolph Hall is connected to one of the largest university-owned stability wind tunnels in the United States. Mitchell Hall, which will replace it, will accommodate the wind tunnel and partially enclose it. Tech also is developing a major campus in Arlington in collaboration with the Amazon project there.
With $66.2 billion in annual revenue in 2021, Boeing will rank as the second largest Fortune 500 company headquartered in Virginia, second to Freddie Mac, which had $80.6 billion in revenue and logged in at No. 47 nationally. If Boeing recovers to the $100 billion-plus level of a few years ago, it would be the largest company based in Virginia.