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The Economic Impact of Aviation on Local Economies

2 July 2024   General

The economic impact of aviation in our region is clear when you read the 2023 Airport Traffic Report published in April 2024 by the Port Authority of New York and New Jersey. It shows that the four commercial airports in NY and NJ served 144.2 million passengers in 2023. LaGuardia Airport, for example, contributed $13.6 billion in economic activity to the New York-New Jersey metropolitan region.

Monmouth Jet Center at Monmouth Executive Airport is a privately owned, public-use airport. Although we cannot compete with La Guardia economically, our 7,345 ft main runway is longer than the commercial jet runways at LaGuardia Airport! We are also aware of our economic impact on the Wall Township community, NJ, as we are based in the area. In this article, we explore how hangar space rentals, private flying, and other aviation activities impact the local economy.

Powering Airport Economies Through Hangar Rentals

Airport hangar rental is a convenient way to protect the private owner’s purchase, whether helicopters, prop planes, or private jets. Owners, aviators, and support staff use a local airport’s services during the hangar rental period and might enjoy the surrounding community’s offerings. Airplane hangar rental is just one of many services powering our airport economy at Monmouth Jet Center, NJ. We also provide FBO, fuel, on-field aircraft maintenance, concierge, transport, aircraft charter services, and more.

Are you scouting locations for the movie industry? Consider Monmouth Jet Center! We have 6,000 square feet of hangar space to make your set come to life, and the location is secure. Monmouth Executive Airport is only a 20-minute helicopter ride or a one-hour drive from the center of Manhattan.

The Economic Dynamics of Airport Hangar Rentals

Hangar rentals are a vital service offering at airports used for private aviation. Private aircraft owners, corporates, and private jet charter companies park their planes in hangars to protect the multi-million dollar asset. It could also be an insurance requirement. Hangars are not always available in airports immediately surrounding metropolitan areas, and if they are, it can be expensive to rent the building.

Monmouth Jet Center is an attractive alternative to crowded New York City and Philadelphia gateway airports. Rent one of our pre-built common-use hangars, t-hangars, or larger aircraft hangars with attached office space, or utilize our attractive leasing and financing options to design and build a custom hangar. Arrivals and departures are effortless as we are located outside congested “Class B” airspace and one mile outside of “Mode C.”

The Role of Private Flying in Economic Development

The National Business Aviation Association (NBAA) states that private flying contributes more than $150 billion annually to the country’s economy, supporting 1.2 million manufacturing and service jobs. Most business aviation community members are small-to mid-size companies and entities, such as nonprofit organizations. Prop-and turboprop airplanes are used to travel to small towns and rural areas for business or to visit projects, while helicopters transport clients in metropolitan areas to avoid traffic and save time.

Business executives take charter jets to travel to clients or subsidiary meetings, and private jet owners are major contributors to the travel industry. Did you know Monmouth Jet Center is 45 minutes flying time from The Hamptons and 1.5 hours from Boston and Washington D.C.? We are the convenient jetport you absolutely need in NJ!

Enhancing Local Economies with Aviation Activities

Monmouth Jet Center is the perfect example of aviation’s economic impact on the local economy. We are part of Wall Township, a municipality in Monmouth County with a population of over 26,000 residents. Many business owners and employees based at the airport live in Wall Township, and we source goods and services from neighboring businesses.

Aviation service providers at the airport include an aircraft cleaning and detailing company, an aircraft maintenance business, and flight schools. Clients use our aircraft charter and FBO services that, in turn, supports multiple local service providers. These are just some ways Monmouth Jet Center contributes to the local economy.

Monmouth Jet Center is proud to be a world-class jet center and airfield demonstrating the economic impact of aviation on local economies. Contact us today to rent a hangar or enquire about our services in more detail by visiting our website at: https://monmouthjetcenter.com/