Airport Economic Impact and Consulting Services

The Vendor is required to provide airport economic impact and consulting services shall include, but not be limited to, the following:
- Update of the regional economic impact study of airport
• The primary objective of this task will be to estimate the economic impact of current airport operations on the regional economy, which encompasses the eleven (11) county service area or “area.”
• The study will estimate the economic impact of airport on the same region.
• The economic impacts will be estimated for the region as a whole and will be disaggregated for several specific counties.
• The airport’s total economic impact should be calculated using the “input -output” method.
• The approach will be based on the concept of an industry cluster, which is an industry based economic development concept.
• An industry cluster describes networks of compatible or competitive inter -related organizations and companies that together work to strengthen the regional economy.
- Measuring the economic impacts of airport activities
• There are two dimensions to measuring the economic benefits of airport activities.
• The first is in terms of the economic impact attributable to the expenditure associated with airport activities itself.
• Through the purchases of local goods and services (including labor), airport and its associated business network's activities increase the economic welfare of the metropolitan area.
• These impacts, however, represent the quantifiable base of the airport overall economic impact.
• The measurement of the benefits will include all direct, quantifiable impacts of airport activities and expenditures, as well as the indirect and induced impacts.
• The sum of the direct, indirect and induced effects is defined as the regional economic impact of airport expenditures.
- Analyzing the impact of policy, regulation or strategy changes
• Assessments of how changes to airport policy, local/state/federal regulations or airport strategy might impact the airport ecosystem including region generated, businesses able to participate in the program, and jobs created.
- Additional tasks may include, but not be limited to, the following:
• Analysis of state and local tax generation - the economic activity attributable to airport also generates a significant amount of tax revenue.
• Future development at airport - assessments of how future facility development options for airport may be pursued, and how each scenario provides a different level of economic and operational impact to the region.
• The economic impacts of future expansion projects will be assessed via the development of alternative simulations, which will then be compared to the baseline forecast.
• Strategic plan - provides an assessment of strategic issues and recommended initiatives related to airport development or operational programs.
• County and state analyses and deliverables - in addition to economic impact results for the 11-county greater region, estimating the proportion of these impacts occurring within each of the local counties (and accordingly, within each of the four states included within this region), airport may request the development of specific reports to the results for each county or state.
• This content could also be utilized as a standalone document for audiences interested in these geographies.
• Technical studies – research and preparation of reports that determine the economic impact of strategic factors including state and local legislation covering airport operations, the impact of aviation’s concession and cargo programs on business participation and workforce development, and airline initiatives.