Presque Isle International Airport’s (PQI) new passenger terminal is expected to have a significant impact on local economic growth by creating jobs, attracting new business, boosting tourism and facilitating trade.
According to author Pablo Roux, author of “Airports: Tops on a Strategy to Help Bring Dreams to Reality,” “Airports have always been critical to global connectivity, but their role in economic development is often underestimated.”
Studies by PQI’s airport consultant show that the airport is currently only serving 10 percent of its market. Annual enplanements, although on the increase, are currently around 20,000 per year.
Roux reported that “for every $100 in airport revenue, an additional $138 is generated in the local economy.”
PQI serves all of Aroostook County, the northern portion of Penobscot County, and western New Brunswick. A mere 10 percent rise in international air passenger traffic can lead to a 0.86 percent rise in GDP per capita, according to Roux. Roux also stated that a 10 percent rise in air passenger traffic can result in a 4.7 percent increase in foreign direct investment.
With the construction of a new passenger terminal triple the size of the existing terminal, it is anticipated that between 100 and 200 direct and indirect jobs will be created. This is an excellent demonstration of how expanding airport infrastructure can grow the local economy by fueling employment and increasing spending in the community.
Roux also indicated that every $1 invested in airport infrastructure can result in $1.5 in regional GDP. With the estimated cost of $52 million for the new terminal and accompanying infrastructure, this translates to $78 million in possible regional GDP.
By making this investment in PQI’s infrastructure, Presque Isle is making way for significant economic benefits, new jobs, enhance productivity, and possible new foreign investment.
Kimberly R. Smith is the resource development and public information officer for the city of Presque Isle. She can be reached at 760-2722 or via email at ksmith@presqueisleme.us.
