Boeing has pledged to invest $1 billion more into its Charleston-area manufacturing campuses, adding 500 new jobs over the next five years, even as the company has struggled financially.

The company, in a statement, said the investment will “support increased 787 Dreamliner production targets.”

North Charleston has been home to Boeing’s 787 Dreamliner production facility for more than a decade.  The company currently employs more than 7,800 people across its North Charleston and Orangeburg facilities.

“Since the creation of Boeing South Carolina in 2009, we’ve marked many important milestones,” said Boeing’s South Carolina site leader Scott Stocker “I’m thrilled for this next phase of growth, which is made possible by our incredible teammates and the confidence our customers have in our airplanes. This decision reflects Boeing’s commitment to the workforce, the 787 program and the community.”

The expansion is expected to be complete in 2027.

The aerospace giant’s announcement comes roughly a month ahead of 220 planned layoffs in the Palmetto State, announced by the company last month.

Boeing reported a financial loss of more than $8 billion in the first nine months of this year, with $6 billion of that coming between July and September. In response, CEO Kelly Ortberg announced in October the company would cut 10% of its workforce, or about 17,000 employees nationwide.

The layoffs followed a seven-week strike by 33,000 unionized machinists on the West Coast — mostly in Washington but also Oregon and California — as the company and union negotiated a new contract.

The strike did not include non-unionized workers in South Carolina.

Ortberg has said the cuts were caused by overstaffing, not the work stoppage.

Boeing spokeswoman Libba Holland said the announcement is solely focused on the 787 Dreamliner and will not impact employment in other parts of the country. She declined to provide details about the type of jobs involved in the North Charleston expansion.