SEATTLE—Boeing workers on the U.S. West Coast voted to accept a new contract, ending a seven-week strike that had halted much of the company’s jet production. The agreement includes a 38% wage increase over four years, with an average annual pay of $119,309 for machinists by the contract’s end. This marks the conclusion of Boeing's first strike in 16 years, which had disrupted operations and worsened the company's financial troubles.

The union, representing 33,000 machinists, had demanded a 40% pay increase and the restoration of a pension plan, but the new contract includes a salary boost and enhanced 401(k) contributions. Boeing also committed to building its next airplane in the Seattle area, a significant promise. However, the union did not regain its previous pension benefits.

The strike had been costly, with Boeing losing around $100 million a day in revenue. While production will take time to ramp up, the resolution brings relief to both Boeing and its suppliers. Despite some workers' dissatisfaction, the approval of the contract—backed by 59% of union members—marks a crucial step in Boeing's recovery.