Boeing is moving its headquarters out of Chicago, the company announced Thursday.
The aerospace giant will instead make Arlington, Virginia, just outside of Washington, D.C., home to its global headquarters as well as a new research and technology hub that aims "to harness and attract engineering and technical capabilities."
“We are excited to build on our foundation here in Northern Virginia," Boeing President and Chief Executive Officer Dave Calhoun said in a statement. "The region makes strategic sense for our global headquarters given its proximity to our customers and stakeholders, and its access to world-class engineering and technical talent."
Boeing said it plans to "maintain a significant presence at its Chicago location and surrounding region."
“We greatly appreciate our continuing relationships in Chicago and throughout Illinois," Calhoun said. "We look forward to maintaining a strong presence in the city and the state."
Chicago Mayor Lori Lightfoot said that while Boeing is leaving, others are moving to Chicago, with announcements planned in the coming months.
“Chicago is a world-class city and in the last year, 173 corporations relocated or expanded here, and 67 corporations have made that same decision since the start of 2022," Lightfoot said in a statement. "While Boeing has decided to move their headquarters to another city, they will still maintain a presence in Chicago. We have a robust pipeline of major corporate relocations and expansions, and we expect more announcements in the coming months. What remains to be true is that Chicago is a major hub for global corporations that recognize our diverse workforce, expansive infrastructure, and thriving economy.”
The move was first reported by the Wall Street Journal on Thursday..
Boeing first moved its headquarters to Chicago from Seattle in 2001. Since then, it has been located at 100 N. Riverside Plaza in the city.
News of the move out comes just days after Boeing reported it lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses.
In a memo to employees, CEO David Calhoun said at the time Boeing was taking steps to improve long-term performance.
“We are a long-cycle business, and the success of our efforts will be measured over years and decades, not quarters,” he said.