QUESTION
What is the breakdown of the $78 million economic impact from the heliports?
0:43:17
·
94 sec
The New York City Economic Development Corporation's executive explains the breakdown of the $78 million annual economic impact from the heliports.
- $50 million is from direct economic impact resulting from heliport operators' purchases like fuel and supplies.
- $20 million is from indirect economic impact from spending by heliport employees in the economy.
- The $2 million in annual revenue goes directly to the NYC Economic Development Corporation to support its programs and operations.
Amanda Farías
0:43:17
In your testimony, you stated, the hall of ports are also significant drivers of economic activity providing a total economic impact of 78,000,000 in the city.
0:43:30
Wanna get a better idea of this breakdown of economic impact.
0:43:34
I I'm assuming this is also including, like, the inclusion of tourism, inclusion of film and TV.
0:43:40
I know that is a huge impact that gets put into this 78,000,000.
0:43:45
I remember very clearly because I was left, like, totally shocked in my oversight hearing last year that we have one point $2,000,000 in revenue generated from the operators itself.
0:43:57
So I kind of want to get the difference between the $2,000,000 and the $78,000,000 economic impacts and if we have a better breakdown of that.
Jennifer Sun
0:44:04
Sure.
0:44:05
So accounts, some of the 2,000,000 in annual revenue comes to EDC, supports our programs and our ability to deliver EDC's mission programmatically, whereas the $78,000,000 in estimated economic impact that comes from our economic and research group.
0:44:22
The breakdown at a high level is $50,000,000 of direct economic impact resulting from the Heliport operators making purchases like fuel, for example, or other supplies to support their operations.
0:44:37
And then $20,000,000 of indirect economic impact from spending of their employees, for example, as workers in the economy.
Amanda Farías
0:44:51
Got it.
0:44:51
Thank you.