Boeing plans to invest $1 billion in infrastructure upgrades and generate 500 new jobs at the 787 Dreamliner production home in South Alabama.

Boeing said on Thursday it plans to spend $1 billion to support increased production of its 787 Dreamliner widebody jets, as the U.S. planemaker works to meet an earlier output target of 10 a month by 2026.

Boeing (NYSE:BA) said Thursday it will spend $1B to expand its Dreamliner 787 production facilities in Charleston County, South Carolina. According to the aerospace giant, it will expand both of its facilities in North Charleston to back its increased production targets for the jetliner and support any increased output targets in the future.

Boeing announced a $1 billion investment in its South Carolina 787 Dreamliner manufacturing plant, aiming to upgrade infrastructure and create 500 new jobs over the next five years. The move comes as the company works to recover from a challenging 2024 and ramp up production.

The Virginia-based company said late Thursday that the outlay will go toward expansion and infrastructure upgrades to help meet higher production targets of the wide-body jet.

Key Takeaways Boeing said it would invest $1 billion in expanding its operations in South Carolina, where it produces the 787 Dreamliner.The company is looking to increase production of the plane to 10 per month by 2026,

Boeing will make the investment into its South Carolina operations as it aims to double the rate of 787 Dreamliner production.

U.S. aerospace firm Boeing will invest $1 billion to ramp up production of its 787 Dreamliner aircraft in South Carolina, the company said in a statement. Boeing has been plagued by production quality problems and recently endured a strike that lasted more than 50 days and paralyzed two crucial factories.