DSM Terminal-Area-Concept-Plan-Technical-Report - FINAL

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Aviation Demand Forecast Economic Basis for Airline Traffic – Industry Clusters and Tourism KEY POINTS • The economies of the Des Moines MSA and Iowa as a whole are driven by companies that export goods and services nationally and globally, bringing in new investment and jobs that support economic growth as well as air service development. Bioscience Logistics Financial Services Data Centers Table 10 Greater Des Moines Region Top 20 Largest Employers in 2013 Industry Clusters Companies that make up industry clusters, also referred to as the "traded sector", tend to cluster because they draw competitive advantage from their proximity to competitors, to a skilled workforce, to specialized suppliers, and to a shared base of sophisticated knowledge about their industry. According to the Greater Des Moines Partnership*, there are four industry clusters in the Des Moines MSA: Bioscience. Iowa State University (ISU), located 30 miles north of Des Moines in Ames, anchors the northern end of the Iowa innovation and bioeconomy corridor (between Ames and Des Moines). ISU is home to four major bioscience research centers. In addition to ISU’s research centers, the National Animal Disease Center located in Ames, Iowa, is the largest federal animal disease center in the United States. The Center conducts research to solve animal health and food safety problems faced by livestock producers and the public. Logistics. Located at the crossroads of Interstates 80 and 35, Des Moines is centrally located with easy access to the coasts and borders. Des Moines’ Foreign Trade Zone (#107) is located near Interstate 80 and 35, just a few miles from the Airport, and provides the facilities for importing, assembling with other components, repackaging, and exporting without going through formal customs procedures. The Des Moines MSA is served by Burlington Northern Santa Fe, Iowa Interstate, Norfolk Southern, and Union Pacific Railroads and is home to 60 national and regional trucking companies. Financial Services. According to the Iowa Economic Development Authority*, the city of Des Moines has the highest concentration of employment in financial services in the United States. As shown on Table 10, financial services and insurance companies are among the largest employers in the Des Moines MSA, including Wells Fargo and Company, Principal Financial Group, Nationwide/Allied Insurance, Marsh, and Aviva. Tourism According to the U.S. Travel Association**, domestic traveler spending in Iowa totaled $7.6 billion in 2012, representing an increase of 5.6% from 2011. Polk County, including the city of Des Moines, led all counties in domestic traveler expenditures, payroll income and jobs directly generated by these expenditures in 2012. Domestic traveler expenditures in Polk County reached over $1.7 billion in 2012, accounting for 22.8% of the state total. These expenditures generated $308.9 million in payroll income and 15,600 jobs for Polk County residents. The Iowa Events Center is located in downtown Des Moines and consists of the Community Choice Credit Union Convention Center (previously known as the Veterans Memorial Auditorium), the existing Polk County Convention Complex, the new Hy‐Vee Hall, and the new Wells Fargo Arena. In addition, the Iowa State Fairgrounds, located in eastern Des Moines, hosted more than 1 million visitors to the annual Iowa State Fair over an 11‐day period in 2012. ** U.S. Travel Association, “The Economic Impact of Travel on Iowa Counties, 2012”, A Study Prepared for the Iowa Economic Development Authority Iowa Tourism Office, August 2013. Data Centers. Iowa’s favorable tax environment, low cost of power, and central geographical location have attracted the data centers for major corporations such as Google, Facebook, and Microsoft Corporation. In addition, companies that provide information technology services to businesses are located in the Des Moines MSA, including EdgeBCC, Vital support Systems, and Iowa Network Services. * The Greater Des Moines Partnership is the economic and community development organization serving the Greater Des Moines metro covering a eight‐county region (Dallas, Guthrie, Jasper, Madison, Marshall, Polk, Poweshiek, and Warren). 28 TERMINAL AREA CONCEPT PLAN TECHNICAL REPORT Des Moines International Airport
Aviation Demand Forecast Economic Basis for Airline Traffic – Economic Outlook KEY POINTS • The economic outlook for the United States, the State of Iowa, and the Des Moines MSA forms a basis for anticipated growth in airline traffic at the Airport. • Factors expected to contribute to continued economic growth in the Des Moines MSA and associated increases in airline travel include (1) diversity in the economic base, which lessens its vulnerability to weaknesses in particular industry sectors, (2) growth in the Des Moines MSA industry clusters as described earlier, (3) generally lower labor and living costs compared with those in other similarly sized cities in the nation and other metropolitan areas in the Midwest, (4) an educated labor force able to support the development of knowledge‐based and service industries, and (5) continued reinvestment to support the development of tourism, conventions, and other businesses. Global Economy Globalization of the world economy has created linkages between national economies that relate not only to trade but also to airline travel. The Des Moines MSA and the State have strong linkages to the global economy through a number of industry sectors such as bioscience, financial services, and information technology. The economic growth of world regions, in terms of gross domestic product (GDP), is directly related to the growth in airline travel. Projections of GDP for the world regions are shown in Table 11. In emerging economies such as Brazil, India, and China with strong growth in GDP combined with a growing middle class, the growth in passenger traffic has been significant. Continued growth in the economies of the world regions most closely aligned with the Des Moines MSA economy and airline service at the Airport are expected to contribute to continued growth in passenger traffic at the Airport. U.S. Economy The U.S. economy continues to recover from the most recent financial crisis and global recession, although the pace of the recovery remains slow. The consensus among economists is that downturns following financial crises tend to be more prolonged than other downturns. In addition, such recessions raise the level and duration of unemployment, reduce the number of hours that employees work, and dampen investment. Continued high unemployment, lower disposable incomes, and reduced spending by businesses and consumers, particularly in the near term, have the potential to dampen growth in the U.S. economy and passenger traffic nationally and at the Airport. The Congressional Budget Office (CBO) expects that U.S. economic growth, as measured by U.S. GDP in constant dollars, will increase 1.4% in 2013, reflecting an ongoing improvement in underlying economic factors and increases in federal taxes and reductions in federal spending that will limit growth. U.S. GDP is expected to increase 3.0% in 2014 and an average of 3.6% per year between 2013 and 2018. The CBO projects that the unemployment rate will average 8.0% in the 2013, decrease to 7.6% in 2014, and decrease to 5.5% in 2018. The CBO’s projections are influenced to a large extent by fiscal policy specified by current law which resulted in tax increases and spending cuts in January 2013. In an alternative scenario, the CBO projects stronger economic growth (an estimated increase of 2.9% in U.S. GDP in 2013) if some or all of the fiscal restrictions are removed. Iowa Economy According to the Iowa Labor Market and Workforce Information Division, “the Iowa economy is expected to gain traction by the second half of 2013.” It is expected that: • Iowa’s industry sectors will increase hiring in 2013 due to a better housing market and increased construction activity. • In the next few years, Iowa construction projects include $900 million in construction at the University of Iowa, $580 million in construction spending in Cedar Rapids, mostly on public projects, and $600 million for highway construction and repairs by the Iowa Department of Transportation. • Employment in Iowa’s financial industry should continue to exceed national growth, reflecting an educated workforce and significantly lower labor costs compared to other financial hubs. • Employment in financial services, information technology, healthcare, and construction is expected to increase faster than the State average through 2020. Des Moines MSA Economy The economic drivers of the Des Moines MSA are diverse and include mature, stable, and emerging industries. According to a June 2013 Moody's Analytics report: "The outlook for Des Moines is bright, and its economy will strengthen as financial services accelerate, helping to drive consumer spending. Construction is on the verge of an upswing. Farm incomes will grow, although at a slower pace, and the public sector will provide little support. Long‐term prospects are upbeat: A diverse industrial base, favorable business costs, and a skilled workforce lay the foundation for above‐average growth over the long run." Table 11 Historical and Projected GDP Growth by World Region 29 TERMINAL AREA CONCEPT PLAN TECHNICAL REPORT Des Moines International Airport
Page 1 and 2: Foth Infrastructure & Environment C
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