Briefing for aerospace industry
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Nearshore to the USA Briefing for the U.S. Aerospace Industry Marcos Polanco Managing Principal Clearshore Management Services www.clearshore.us November 6, 2009
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The US aerospace industry is losing its global competitiveness due to the lack of engineers with US citizens. We should work to drive more recruitment from the rising minority populations to ensure national competitiveness moving forward, starting in the Caribbean island of Puerto Rico.
Transcript of Briefing for aerospace industry
Nearshore to the USABriefing for the U.S. Aerospace Industry
Marcos PolancoManaging Principal
Clearshore Management Serviceswww.clearshore.usNovember 6, 2009
Where will our talent come from?
“…within 10 years half of the workforce [of many AIA members] will be eligible for retirement. And while the U.S. graduates approximately 70,000 engineers each year, only 44,000 are qualified for aerospace careers…the talent pool is limited because of the requirement for security clearances, which non-U.S. citizens can’t obtain.”
- Marion Blakey, AIA CEO, August 2009
Source: www.aia-aerospace.org
Aerospace Industry Behind STEM
Puerto Rico!
Puerto Rico : Nearshore to the USA•1898: U.S. Constitution•1917: U.S. Citizenship
•3.94 million people•89.7 billion dollar G.D.P.•KPMG’s #1 cost competitive location in the United States
•5,464 STEM degrees / year
Aerospace in Puerto RicoCompany Launch Jobs Operation Type
Honeywell Aerospace 2006 973 Shared Services
Essig Research 2006 100 Engineering Services
Pratt & Whitney / Infotech 2003 600 Engineering Services
Pratt & Whitney / HCL Axon 2008 300 IT Services
Lockheed Martin 2008 60 IT Services
Lockheed Martin / UPR 2007 6 Applied R&DFlorida Turbine Technologies 2006 25 Applied R&DCascades Technologies 2007 30 Software Development
National Science Foundation / UPR Engineering Research
Total 2,088 $100M industry
Abundant Talent Source
• 14th & 15th largest undergraduate engineering programs nationwide
• UPR-Mayagüez by degree awards: – 2nd (tied) in chemical engineering– 10th in computer engineering– 14th in industrial engineering– 18th in electrical engineering
ASEE 2008 Rankings
Compensation ComparisonElectrical Engineer I San Juan, PR Tucson, AZ
Base Salary $44,154 $54,292
Bonuses $358 $441
Social Security $3,405 $4,187
401k / 403b $1,602 $1,970
Disability $445 $547
Healthcare $5,722 $5,722
Pension $2,048 $2,518
Time Off $5,821 $7,157
Total $63,555 $76,835Source: Salary.com
Leveraging Puerto Rico’s IncentivesCorporate Investment Incentive
Dividend Taxes 0%Income Taxes 4% rate (general case)Supplies 25% tax credit for local goodsR&D 50% R&D tax creditTraining 50% (max) cost reimbursement (WIA)Salaries Up to $5K per job in 1st yearUtilities 50% renewable energy tax creditEquipment 100% 1st year deductionInfrastructure 50% (max) matching funds (PRIDCO)Lease $3-$6/sq.ft. (PRIDCO)Financing Tax-exempt debt securities
Puerto Rico: Nearshore to the USA
Clearable TalentFinancially AttractiveProven by Industry
Clearshore: Our Partner in Puerto Rico
Marcos PolancoManaging Principalmarcos.polanco@clearshore.us787.529.5892clearshore.ustwitter.com/clearshore
