Economic impact report of Akron-Canton Airport
The Akron-Canton Airport proves to be a vital asset to the local community, as shown through the airport’s most recent economic impact survey conducted by Kent State University.
The existence of the Airport translates into additional jobs, payroll, business growth and expenditures, as well as local and state tax revenues for the region.
In 2018, the greater Akron-Canton region took off with $1.01 billion in total economic activity, $212 million in total payroll generation, and $85 million in total tax revenue generated from 4,486 jobs because of the Akron-Canton Airport.
Access a PDF of the report here.
The methodology of the study is as follows:
The Akron-Canton Airport engaged with Kent State University to estimate the impacts of its activities on the greater Akron-Canton region (Carroll, Medina, Portage, Stark, Summit, Wayne Counties) and the State of Ohio. Airlines, rental car agencies, restaurants, retail shops, airport tenants, hotels and other businesses, organizations and agencies on airport property were surveyed. These businesses were asked about their 2018 capital expenditures and employment levels that are dependent upon or related to the airport. The economic benefits identified are those that would not have occurred in the absence of the airport. The benefits were calculated by Kent State University by inserting data into IMPLAN pro input-out-put (I/O) model, a generally accepted economic formula for estimating the economic impact of an entity. The results reflect the impact of the Akron-Canton Airport as a single business entity in the community.