Posted July 12, 2019 in Press Releases
Akron-Canton Airport Total Economic Impact Reaches $1.01 Billion
Increase in jobs, payroll, business growth and expenditures, as well as local and state tax revenues for the region.
GREEN, OH – The Akron-Canton Airport (CAK) 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.
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.
Total economic impact: $1.01 Billion
Direct: $663 million
Indirect: $232 million
Induced: $121 million
Total Tax Revenue: $85 Million
Social insurance taxes: $23.6 million
Production and import (sales) taxes: $34.8 million
Corporate profits: $5.1 million
Personal taxes and transfers: $21.4 million
Total Payroll Generation: $212 Million
Direct: $103.6 million
Indirect: $70 million
Induced: $38.1 million
Employment Generation: 4,486 Jobs
“The Akron-Canton Airport exists to serve the community,” said Ren Camacho, President and CEO of CAK. “We are proud to contribute more than a 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 continue to serve this community now and into the future.”
Another aspect of the study considers time and travel savings, which is a calculation of time and travel costs saved by having a nearby airport. In 2018, the value of time saved equated to $13.2 million in annual value, while travel savings equated to $10.8 million. Total savings accumulated to $24.1 million for CAK travelers.
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 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.