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.”