Posted August 15, 2014 in Press Releases
Green, Ohio: The Akron-Canton Airport (CAK) updated elected officials and community leaders about the airport’s Master Plan, Sustainability Study, and Part 150 Noise Study this morning at an elected officials coffee hosted by President and CEO, Rick McQueen. The airport also unveiled the exciting results of the recently completed Economic Impact Study.
As mandated by the Federal Aviation Administration (FAA), CAK commenced the master plan process in 2011. The comprehensive study of all airport capabilities and future needs will help chart a 20 year course for CAK. Today, the airport shared its progress on existing projects and potential capital improvements for the future based on different passenger/ aircraft growth estimates. Improvements focused on the airfield, terminal building and parking lots. Potential projects include expanding and updating baggage claim, replacing the existing “Y” gates, and reconfiguring multiple taxiways. Voluntary studies including a part 150 noise study and sustainability study are also in progress. They complement the administration’s efforts to plan for a vibrant future.
“Customer experience and keeping our operating costs low helped drive our thinking going into this master plan,” said airport President and CEO Rick McQueen. “Our master plan will shape the direction of CAK for the next 20 years. We are also considering ways to further reduce our environmental footprint and noise levels. At this point, it is important to hear from our community leadership about our direction. After all, CAK is a vital regional asset. We are here to serve, now and for decades to come.”
CAK plans to complete the master plan and submit it to the FAA by the end of 2014. Final approval is expected in 2015. The airport will host a public open house on September 17, 2014 from 5:00 to 7:00 p.m. This will be the last opportunity to share your thoughts and insights regarding the master plan, the part 150 noise study and sustainability study. Visit www.akroncantonairport.com to learn more about each plan and to leave your feedback about the future of CAK.
Economic Impact: In addition to the progress being made on the master plan, airport officials revealed the findings of our recently completed economic impact study. Conducted by the Boyd Group, Evergreen, Colorado, the study includes the total economic benefit of CAK including jobs created, taxes generated, and income paid to airport employees and tenants. As is consistent with generally accepted practices in measuring economic impact, the airport study includes direct, indirect and induced impacts, plus the cost savings
generated by transportation time savings. The study area included Summit, Stark, Portage, Medina, Carroll, and Wayne counties. All numbers are based on 2012 data.
TOTAL ECONOMIC IMPACT: $502.3 million, an increase of 21 percent compared to 2008
TAX REVENUE: $50.7 total, $32.9 direct, $5 million indirect, $12.8 induced (sales and excise taxes)
PAYROLL: $150.2 total, $104.6 million direct, $15.4 million indirect, $30.2 induced
EMPLOYMENT: 3,086 total, 1,821 direct, 398 indirect, 867 induced
“Giving back to the community is at the core of our mission at CAK,” continued McQueen. “We are proud to contribute more than a half billion dollars in economic activity in our region every year. Thanks to the vision of our board of trustees, the work of our tenants and the entire airport family, CAK will serve this community well now and for decades to come.”