Northern Colorado Regional Airport boosts economy
Contact: Tom Hacker, Public Information Officer, 970-962-2302
Northern Colorado Regional Airport’s role as an economic engine for Fort Collins, Loveland and the broader region is expanding rapidly, a new Colorado Aeronautics Division study shows.
The report by the aviation division of the Colorado Department of Transportation notes that the number of jobs created on or near the airport has risen by nearly one-third in the past seven years, and that the total payroll for those jobs has more than doubled since the state issued a similar report in 2013.
The 2020 Colorado Airport Economic Impact Study also indicates sharp rises in business revenue, both on airport property and in business developments in close proximity to the airport, with the combined revenue up 24% since 2013.
Northern Colorado Regional Airport will contribute a total of $160.9 million to the regional economy this year, the report says. Specifically, notable findings indicate:
- A $35.7 million annual payroll on the airport proper, up 112% from the $16.9 million recorded in 2013;
- A total of 1,072 jobs on the airport or nearby, a 30% increase;
- Off-airport business revenues $49.2 million compared to $31.9 million in 2013, an increase of 54%.
This year’s edition of the periodic economic report also measures for the first time “value added” by airport and nearby businesses, an indicator akin to gross domestic product on the national level. That figure, combining on- and off-airport businesses, is $83.2 million annually, with on-airport enterprises leading the way with $55.1 million.
Airport Director Jason Licon said part of the airport’s economic success stems from the broad range of aviation and other uses that make NCRA’s business mix one of the state’s most diverse.
“The Airport is the region’s premier gateway, connecting people and businesses to a global transportation network. It is an aviation education and training center for the next generation of aviation professionals and serves as platform for innovation where the next generation of air traffic control towers is being developed.”
Statewide, Colorado’s airports provide approximately 345,661 jobs, $16.2 billion in annual payroll, $27.0 billion in value added and contributes $48.6 billion to Colorado’s economy. In addition to being a major economic driver, airports support essential services which include but are not limited to air ambulance flights, transportation for medical personnel, firefighting, law enforcement, and search and rescue missions.
Northern Colorado Regional Airport’s Executive Summary for the Economic Impact Study is available on the airport’s website at: https://www.flynoco.com/wp- content/uploads/2020/01/2020-Economic-Impact-Study.pdf