Coastal Carolina University releases economic study on airport construction
The study can be viewed in full and downloaded at: http://www.coastal.edu/business/econcenter/airportEIS.pdf
The report indicates that the $130 million construction project would provide a much needed boost to Horry County's construction sector at a time when this industry has been hit by the worst housing crisis since the Great Depression at the national level, and perhaps the worst housing slump ever for the Myrtle Beach area.
Specifically, the construction phase alone of the proposed airport expansion could be expected to provide the following benefits to the Horry County economy:
• A direct increase in business for the local construction sector of $90 million.
• The direct support of 300 construction sector jobs with an associated payroll of $11.7 million.
• A $147.5 million total impact on the Horry County economy. This represents the total increase in economic activity due to the construction activity, both directly and via economic multiplier effects.
• A total of 862 jobs and $30.9 million in household income would be supported.
• A total of $4.8 million in new state-level sales and income tax collections.
• A combined total of $888.2 thousand in local sales tax collections for the existing RIDE II and proposed Education Capital Improvements programs.
For more information contact Don Schunk, research economist for Coastal Carolina University's BB&T Center for Economic and Community Development, at 843-349-2485.