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MASSPORT GIVES ECONOMY A $5.2 BILLION LIFT; AGENCY STUDY UNVEILS FIVE-POINT ECONOMIC RECOVERY PLAN

 MASSPORT GIVES ECONOMY A $5.2 BILLION LIFT;
 AGENCY STUDY UNVEILS FIVE-POINT ECONOMIC RECOVERY PLAN
 BOSTON, March 25 /PRNewswire/ -- As planes fly overhead and ships take to the sea, cash registers ring on the ground, according to a recently released study of the spending, jobs, taxes, and other benefits generated by the airport, seaport and bridge facilities owned and operated by the Massachusetts Port Authority (Massport).
 According to the report, Massport's facilities employed 23,000 people (almost all of them in the private sector) and added an astounding $5.2 billion last year to the state and regional economy -- the equivalent of $14.4 million every day. This represents a 9 percent increase in economic impact over 1990.
 Clearly, Logan Airport, the Port of Boston, the Tobin Bridge, and Hanscom Field have a very beneficial direct impact on local employment and spending -- an impact that goes beyond the fundamental role they fulfill as transportation services moving people and goods," said Alden S. Raine, executive director of Massport. "And these numbers are conservative. The full impact of Logan Airport alone can be felt by virtually every business for a hundred miles around and can't be measured."
 At at time when our state's economic future is a topic for intense public debate, the following facts leave no doubt about the role that Massport facilities play in sustaining our region's economic growth:
 -- The 23,000 jobs generated represented $979 million in payroll and benefits for residents of Massachusetts;
 -- Massport actively promotes tourism to Massachusetts and New England. Logan Airport, Hanscom Field, and the Black Falcon Cruise Terminal brought in over 5 million tourists in 1991, generating $2 billion in visitor expenditures for food, hotels, local transportation, entertainment and other purchases;
 -- Logan airport alone stimulates the regional economy by $3.86 billion per year;
 -- Activity at Massport's facilities contributed $206 million in tax and fee revenues to state and local government agencies;
 -- Public agencies and private companies at Massport's facilities purchased $342 million in local goods and services, including supplies, telephone service and office equipment rentals;
 -- An estimated $1.02 billion was generated by Massport's three public cargo facilities. An additional $303.7 million was infused by waterfront properties that have been developed or are being revitalized by Massport.
 As valuable as Massport's facilities are today, they will become even more important in the increasingly global marketplace of the future. Moving people and goods to international markets requires continued improvement in the quality and capacity of the region's airport and seaport facilities -- and the road, rail and transit systems which support them.
 "For New England to beat this recession, two economic strategies are paramount," added Raine. "We must build our way out and we must trade our way out." That is the foundation upon which Massport is building a five-point program for economic growth. The program includes:
 -- Operating all Massport facilities as efficiently, safely and productively as possible;
 -- Accomodating the construction of the Central Artery/Third Harbor Tunnel;
 -- Modernizing Logan International Airport -- a $1.5 billion investment that will create thousands of additional construction jobs over the next 10-15 years;
 -- Continuing our $50 million capital improvement program for the Boston waterfront;
 -- Committing over $7 million this year alone to aggressively promote international trade and tourism.
 Massport creates all of these economic benefits without any state or local tax dollars. Massport's properties include Logan International Airport, the Port of Boston's public terminals, the Tobin Memorial Bridge, the Boston Fish Pier, the Black Falcon Cruise Terminal, Hanscom Field in Bedford, The World Trade Center Boston and Constitution Plaza.
 For a copy of Massport's Economic Impact Report, contact Susan Butler at 617-973-5600.
 -0- 3/25/92
 /CONTACT: Joey Cuzzi or Teresa McAlpine of Massport, 617-973-5600/ CO: Massport ST: Massachusetts IN: TRN SU:


SH -- NE008 -- 1536 03/25/92 13:09 EST
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Publication:PR Newswire
Date:Mar 25, 1992
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