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For aerospace companies establishing operations in West Virginia, the sky is not the limit. It is just the beginning. The state is home to a number of successful aerospace companies, including:
Aerospace is one of the fastest growing sectors of the West Virginia economy. Higher profitability, lower labor costs and utility savings contribute to the successful operations within the state. Companies also capitalize upon a large supply of experienced industry workers to help meet their labor needs. West Virginia provides strategic access to the top domestic purchasing sectors of aerospace products and to national defense contractors, corporations, the federal government and other industrial customers and suppliers. A West Virginia-based company will find a plentiful supply of primary and fabricated metal products, essential raw materials for the aerospace industry. The availability of supplies and raw materials is a primary consideration in locating aerospace products manufacturers. Raw materials account for over 50 percent of total production costs.
West Virginia can offer major savings in energy, with the third lowest industrial electric rates in the nation. The typical facility would realize electricity costs lower than the comparison region, with average annual savings of 15 percent.
Labor-related costs in West Virginia are low. A typical aeronautics manufacturer in West Virginia could expect to save an average of $3,495,830 in total labor (payroll and non-payroll) expenses in comparison to regional competitor states.
Profitability is higher and overall operating costs are lower for aerospace products manufacturers in West Virginia compared to the national averages and West Virginia’s regional competitor states. Profitability for West Virginia manufacturers averages 5.2 percentage points higher than in the comparison states.
NEW LEGISLATION: Aircraft Valuation Business Tax
A reduction in the assessed value of all aircraft owned or leased by commercial airlines, charter carriers, private carriers and private companies was provided for property tax purposes beginning July 1, 2008.
Reach almost 34 percent of the top domestic purchasing sectors of aerospace products through overnight trucking, with strategic access to national defense contractors, corporations, federal and state governments, and other industrial customers and suppliers.
The availability of raw materials and supplies is a primary consideration in locating aerospace products manufacturers. A West Virginia-based aerospace company will find a plentiful supply of primary and fabricated metal products, essential raw materials.
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