The creation of an aerospace business park will mean 2,500 of Airbus's 4,000 engineering, design, customer support and other employees will be housed in one area.
Subject to planning permission being obtained, work could start on the 12-acre site in early 2012.
The wings of Airbus aircraft, which include the world's biggest passenger plane the Airbus A80 superjumbo, are made in the UK.
The business park announcement was welcomed by Business Secretary Vince Cable who visited Filton today.
He said: "This is great news for Airbus, the West Country and the UK economy. Aerospace is a UK success that we should be very proud of. We are number one in Europe and number two in the world with a 17% global market share.
"Airbus and its supply chain provide goods and services worth nearly £1.5 billion annually to the UK economy and provide over 135,000 direct and indirect jobs. This new campus in Filton will help secure thousands of advanced engineering jobs in the South West which is a key region for the UK aerospace industry."
Mark Barclay, head of centre of excellence wing and pylon at Airbus, said: "This is great news. It's a firm commitment to the South West and UK that Filton will remain the centre of excellence for aerospace.
"This will enhance the working environment for our employees, while significantly enhancing the Filton landscape."
http://www.independent.co.uk/news/business/news/airbus-to-build-70m-business-park-2252937.html
http://www.nytimes.com/2007/06/19/business/worldbusiness/19airbus.html?_r=1
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