The economic impact Minot Air Force Base delivers to Minot can be calculated, but it’s importance to the community can’t be overstated. And one of the annual tasks the Air Force takes on is estimating their annual contribution to the local economy. It’s a significant number, close to $600 million.
The news release on the Air Forces annual economic impact report follows below. If you want to read the full report yourself, catch it here.
— News Release, Minot Air Force Base —
The monthly Military Affairs Committee luncheon was held at the Grand Hotel Thursday, Feb. 4 at 12 p.m., and included a presentation of Minot AFB’s annual economic impact report, presented by Lt. Col. Raymond Castro, 5th Comptroller Squadron commander.
The base contributed more than $597 million to the area’s economy in fiscal year 2015. In fiscal year 2014, Minot AFB had an impact of nearly $578 million, a significant increase of approximately $19 million.
“We spend money in the local community to keep Minot AFB running in different areas,” said Castro. “The commissary and the exchange spent nearly $5 million in the local area, while medical claims paid to local medical facilities through the TRICARE system total more than $10 million.”
The economic data is calculated on regulations from the Air Force and is current as of Sept. 30, 2015. The total economic impact was calculated by combining expenses: the annual payroll of the base, worth $368 million; annual expenditures for construction, services and materials, costing $93.4 million; and the value of indirect jobs created, $135.7 million, Castro said.
The amount paid to local schools was also significant, accounting for almost $7.2 million. This accounts for off-base education for many of the young Airmen from Minot AFB.
“It is fairly safe to say that Minot AFB will continue to have a positive impact on the economy and the local community, through fiscal year 2016 and beyond,” said Castro.