Economic Impact Analysis of the Virginia Tech Montgomery Executive Airport
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This report estimates the economic contributions of the Virginia Tech – Montgomery Executive Airport (VTMEA) to the New River Valley (NRV). The current operations of the VTMEA contribute to the local region in three ways. First, the airport collects operational funds from outside of the NRV and spends them inside the region for its operations. Second, it attracts visitors to the NRV who might not otherwise come to the region, and their spending puts new money in the regional economy. Third, the airport fosters economic development by providing local, national, and international businesses and investors the ability to travel in and out of the region with ease, and serves as a critical gateway to Virginia Tech for the purposes of research, athletics and community relations. The first two of these impacts we can estimate quantitatively using operational and visitor spending data. The third impact we assess qualitatively using business surveys and interviews.