DAYTONA BEACH, Fla.,
Aug. 8, 2020 /PRNewswire-PRWeb/
-- The overall economic impacts of premier aviation and
aerospace institution Embry-Riddle
Aeronautical University in Florida and Arizona now surpasses $2.3 billion – up 44% since 2016, the independent
Washington Economics Group (WEG) has reported.
Embry-Riddle further supports nearly
18,000 jobs in Florida and
Arizona – up from just under
14,000 jobs in 2016, making the university "a leading creator of
high-wage employment in both state economies," according to the new
WEG report.
Embry-Riddle's Research Park, opened
on the Daytona Beach Campus in 2017, has generated more than
$90 million in economic impact in
Florida and directly or indirectly
created 500 jobs, many of which are high-wage.
Mori Hosseini, Chairman and CEO,
ICI Homes, who serves as Embry-Riddle's
Board of Trustees Chairman, said, "The success of Embry-Riddle's Research Park has been a team
effort. The Volusia County Council, the City of Daytona Beach, NASCAR, Team Volusia
and the Daytona Regional Chamber of Commerce have all helped. From
recruiting three international companies to developing a
technology-centered entrepreneurial ecosystem, we are on our way.
Volusia County is the northern tip
of the Space Triangle. We must all continue to work tirelessly on
the future. It is not about us. It is about our future."
With residential campuses in Prescott,
Arizona, and Daytona Beach,
Florida, Embry-Riddle's overall
activities – including the thriving Research Park, the added
earning power of Embry-Riddle alumni in
both states, and revenue generated by approximately 125
Embry-Riddle Worldwide campuses – currently amount to $2.37 billion, versus $1.65 billion in 2016, WEG estimated. Jobs
generated by Embry-Riddle in both
states increased from 13,778 to 17,929 over the same time
period.
Glenn Ritchey, President &
Chief Executive Officer of the Jon Hall Automotive Group and
Southeast Automotive Management, Daytona
Beach, who is a member of the Embry-Riddle Board of
Trustees, said, "I want to commend Dr. Butler and his team for
executing on the vision of the Research Park," said "I also want to
recognize the efforts of our Chairman of the Board, Mori Hosseini. Mori has advocated tirelessly for
this project. With almost $2 billion
in economic impact to Volusia
County, and from 0 to almost $100
million in economic impact for the Research Park is no easy
feat. We would not be where we are without his efforts and
support."
Embry-Riddle President P. Barry Butler added that "Embry-Riddle's Research Park is the vision of our
Board of Trustees coming to life. That vision extends beyond our
university and is truly about changing and diversifying the economy
of our community. I want to thank all of our trustees for their
leadership role, and also want to extend a special thank you to our
Board Chairman, Mori Hosseini. His
vision for Embry-Riddle and our
community will pave the way for future high-paying jobs and
economic prosperity and also help prevent the `brain drain' that is
happening in other regions when graduates of various institutions
cannot find jobs where they went to school."
NASCAR Executive Vice Chair Lesa France
Kennedy, CEO of the International Speedway Corporation said,
"The Embry-Riddle Research Park is an outstanding example of
communities coming together to diversify and strengthen their
economies. We are honored to partner with Embry-Riddle to support entrepreneurs, drive
high-tech business and create jobs that improve the standard of
living for families in Volusia
County. We look forward to the Research Park's continuing
success."
Embry-Riddle's key economic impacts
in Florida and Arizona are outlined below.
Florida Economic Impacts
Across Florida, Embry-Riddle's total economic impact in 2020 was
more than $1.98 billion statewide, up
from $1.37 billion in 2016, according
to the WEG report. The university is also currently supporting
nearly 14,850 jobs throughout Florida, an increase from 11,546 in 2016.
In Volusia County specifically,
home to Embry-Riddle's Daytona Beach
Campus, the university supports 13,200 jobs and generates slightly
more than $1.6 billion in total
economic impacts, making it a key economic driver for the local
community. Embry-Riddle's Research Park
has generated more than $90 million
in economic impacts in Florida as
well as 500 jobs in less than four years, according to the WEG
report.
Embry-Riddle also accounted for more
than $250 million in fiscal revenues
in 2020 in Florida, and the
university is a significant generator of household income – coming
in at more than $621 million in 2020,
a 37% increase compared with 2016.
The additional earning and spending power of Embry-Riddle's alumni in Florida came to $900
million in total economic activity for 2020, the WEG report
found.
"Embry-Riddle's activities create
significant additions to Florida's
gross domestic product, or GDP, annually contributing more than
$1.1 billion to the state," up from
$785 million four years ago, the WEG
report concluded.
Arizona Economic Impacts
Across Arizona, Embry-Riddle's total economic impact in 2020 has
reached $392 million – an increase of
41% since 2016 – and the university currently supports 3,000
permanent jobs for state residents – 38% more than four years ago,
the WEG report found.
Embry-Riddle also accounted for more
than $46 million in fiscal revenues
in Arizona in 2020, and the
university is a significant generator of household income –
producing close to $138 million
statewide this year, which represents a 41% increase since
2016.
Embry-Riddle alumni spending power
generated $86 million in total
economic activity in Arizona this
year, according to the WEG.
In Yavapai County specifically,
where Embry-Riddle's Prescott Campus is located, the university
serves as a major and essential economic driver to the community,
supporting 2,853 jobs and $318
million in total economic impacts. Embry-Riddle's activities added $173 million to Yavapai
County's GDP last fiscal year.
Throughout the next five years, the WEG estimated, the
cumulative economic impacts of Embry-Riddle's capital spending plans in
Arizona are projected to have a
total economic impacts (FY21 – FY25) of $161
million and create 181 jobs.
Additional Responses to the Economic Impacts Report:
Ms. Nancy Keefer, President &
CEO, Daytona Regional Chamber of Commerce
"In Volusia County, we are proud to offer a strong economic
environment that allows businesses to thrive, and Embry-Riddle has been key to that success. The
recent Washington Economics Group report provides evidence of
Embry-Riddle's effectiveness as a
leading business partner for the greater Daytona region."
Mr. Keith Norden, President &
CEO, Team Volusia Economic Development Corporation
"The documented success of Embry-Riddle's Research Park demonstrates the power
of business and community partnerships. Embry-Riddle has effectively worked with a wide
array of collaborators to recruit new businesses to Volusia County and to advance
entrepreneurship. We have been pleased to partner with Embry-Riddle to achieve lasting strategic economic
progress that serves our community well."
SOURCE Embry-Riddle Aeronautical
University