Image courtesy Boeing

Image courtesy Boeing

Boeing announced on Tuesday that it will increase Renton production of its 737 airplane from 42 to 47 per month. By 2018, Boeing expects to produce 737s at a rate of 52 per month.

The rate of production will be the highest ever for the commercial plane, Boeing said in a statement.

“This increase is a recognition of the teamwork that achieved record level production rates while improving safety, productivity, and quality,” said Beverly Wyse, vice president and general manager, 737 Program, Boeing Commercial Airplanes. “Strong efforts by Boeing employees, our suppliers and community support allow us to continue to build these fabulous airplanes in Renton for years to come.”

Boeing’s long-term forecast predicts a need for more than 25,000 single-aisle airplanes during the next 20 years. That need is worth $2.56 trillion total market value.

“Our thorough analysis tells us the single-aisle market continues to expand and is the fastest growing, most dynamic segment of the market,” said Randy Tinseth, Boeing’s marketing director.