Historic Economic Development Project Brings 500 New Aviation Jobs, $107 Million Capital Investment to Bay County

PANAMA CITY, FL - On December 11, 2024, Northwest Florida Beaches International Airport (ECP), Bay Economic Development Alliance (Bay EDA) and Florida's Great Northwest announced a major new economic development project is on the way to Bay County. 

Formerly known as "Project Spinner," IAG Aero Group reveals its plans to invest $107 million in Bay County, marking a significant milestone in the continued growth of the Region's rapidly expanding aerospace industry. 

"Today, we are proud to welcome IAG Aero Group as our newest community partner and thank them for bringing this game-changing project to Bay County," said Mark Sheldon, Chair of the Airport Board of Directors. "This milestone reflects the unwavering dedication and collaborative spirit of leaders from ECP, Bay EDA and Florida's Great Northwest, whose hard work and shared vision have paved the way for long-term economic prosperity in our Region." 

A global leader in the commercial aerospace industry, IAG Aero Group is a fast-growing company specializing in MRO, engine field services, material repair, and the sales and trading of aircraft and engine parts. "The announcement marks the single largest economic development recruitment project ever introduced through Bay EDA and ECP," said Shane Boyett, Bay EDA Executive Committee member.

"IAG Aero Group choosing Bay County is a testament to our Region's capacity to further excellence in the aviation sector," said Becca Hardin, President of Bay EDA. "The arrival of this project will only propel Northwest Florida forward, attracting more investment and interest in our area as a hub for aviation innovation." 

With $25 million in funding awarded by Triumph Gulf Coast, IAG Aero Group plans to establish three key facilities in Bay County. The first facility is a 120,000-square-foot aircraft engine MRO facility dedicated to commercial aircraft engines for wide and narrow body aircraft. This facility will perform engine maintenance for airlines and aircraft owners around the world, bringing further attention to Bay County from a worldwide aviation community. 

IAG Aero Group has customers in 50 countries around the world. The Company also plans to build a 40,000-square-foot engine test cell at ECP which will be one of the few in the Southeast. This facility represents a substantial investment and further signals just how important the region is in the aerospace industry sector. Third, the Company has purchased an existing 140,000-square-foot facility situated on 36 acres in Bay County. This center will serve as the hub for the company's warehouse and parts distribution operations.

Over the next decade, this initiative is expected to generate approximately $479 million in additional household income within the community, marking it as a transformative project for Bay County and the surrounding areas.