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Business Observer Friday, May 3, 2019 3 years ago

Airport economic impact soars to $1.3 billion

FDOT Aviation Economic Impact Study finds Punta Gorda Airport fiscal stimulus grows ninefold since 2010.

While economists may debate the true value of the economic impact phenomenon known as the “ripple effect ” — how each dollar generated by an event or facility is spent and re-spent in a local market until it vanishes — at least one thing is for certain: revenues spun off by Punta Gorda Airport are more than just a splash in the pond for Charlotte County. 

According to the Florida Department of Transportation’s latest Statewide Aviation Economic Impact Study, PGD posted some $100 million in on-airport and nearly $573 million in visitor spending impacts. When combined with the multiplier effect and payroll of nearly $419 million, the airport’s total economic output, according to the FDOT study, is nearly $1.28 billion.

This news parallels growing passenger traffic: PGD reported another record-breaking month in March with 221,326 travelers — all on Allegiant fights — a 14.7% increase over March 2018. The airport served nearly 1.6 million travelers in 2018 compared to 182,423 in 2010. PGD’s annual economic impact was at $141.4 million in 2010, according to FDOT, climbing to $220 million by 2014.

“PGD’s economic impact increase from 2010 was more than ninefold,” says PGD CEO James Parish in a statement. “While our success in attracting low-cost air service is on the forefront of this strong economic valuation, it has also provided a catalyst for the region’s economic growth in industry and tourism as well.”

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