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EDD Releases Two Economic Impact Studies on Spaceport |
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SANTA FE - Secretary Rick Homans today announced the final results of two economic impact studies on New Mexico’s commercial spaceport. Both reports from New Mexico State University Arrowhead Center for Entrepreneurship & Business Development and Futron Corporation, one of the nation’s leading aerospace consulting firms, point to the development of the Southwest Regional Spaceport having the potential to generate substantial economic activity and a large number of jobs for the State of New Mexico.
“New Mexico has a long history in the commercial space industry,” stated Secretary Rick Homans. “The moment has now arrived for New Mexico to take the lead and make history worldwide. New Mexico’s commercial spaceport has the potential to change the face of our state and become a driving force for our economy, creating thousands of good paying jobs and millions in revenue.”
The commercial space industry in the United States is undergoing a major transformation, with the emergence of new markets and new companies. Space tourism companies have attracted the interest of thousands of prospective customers from around the world and it is the segment of the overall space industry with the biggest potential for growth within the foreseeable future.
“We are on the ground floor of a new industry that will allow us to diversity the occupations and pay scales of our citizens and improve the lives of future generations to come,” said Homans.
Secretary Rick Homans commissioned the two reports in order to answer the important question of why the State and its citizens should invest upwards of $225 million in New Mexico’s commercial spaceport.
Highlights from the Arrowhead Center (NMSU) study:
By the fifth year of operation, the spaceport will sustain close to a $1 billion in new revenues, creating approximately $350 million in new payroll, and generating over 2,800 new jobs.
Highlights from the Futron Corporation Report:
New Mexico could gain $752 million in revenue and up to 5,820 new jobs by 2020.
Spaceport construction-related impacts are anticipated to reach a maximum of approximately $331 million of additional economic activity and 2,460 new jobs in 2007.
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