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Akron-Canton Airport Total Economic Impact Reaches $1.01 Billion

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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

Direct: 2,382

Indirect: 1,180

Induced: 924

“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.

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There’s nothing like arriving back at your hometown airport and ‘reflecting’ on your vacay! 📷 Enjoy nonstop service to Orlando (MCO) aboard @spiritairlines. ✈️ #cakairport #abetterwaytogo #akroncantonairport #reflection #photography #aviation #aviation4life #planestagram #thingsthatfly #hometown #airportlife #travel #travelers #traveling #travelgram #travelholic #traveltheworld #airport #airfield #orlando #planephotography #northeastohio #funinthesun #aviationdaily #avgeek #avnerd #florida #pilotlife #aviationdaily #spirit #spiritairlines

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